by Veronica Blatt
Today’s guest blogger is HUB International, an NPAworldwide partner. HUB International provides a wide range of business and personal insurance options including liability, health, life, and more. Read more about cyber security risks below.
Cyberattacks have massive negative business impact and were ranked as a top 5 priority by 79% of global organizations. The growth of cyber risk is also in large part associated to the expanding use of technology as a value driver. Businesses rely upon strategic initiatives like outsourcing, use of third-party vendors, cloud migration, mobile technologies, and remote access—all of which has proliferated during the COVID-19 pandemic—to augment growth and improve efficiency. However, this leading edge activity also increases cyber security risk exposure. As cyber risk has evolved from a technology issue to an organizational problem that exposes corporate leadership to liability arising from claims by shareholders, employees, and the public, cybercrime has grown exponentially. This surge in cybercrime has resulted in money damages reported to the FBI’s cybercrime reporting mechanism of $4.2 billion, up from $3 trillion in 2015. Read the rest of this entry »