Doug Bedell — May 11, 2022, 10:48 am

Cyber Crime Insurance a Necessity for Businesses

SecurityInfowatch.com advises that for business owners insurance against cybercrime “is no longer a luxury, it’s a must-have”.

“According to its 2021 Internet Crime Report, last year the FBI’s Internet Crime Complaint Center (IC3) got 3,729 complaints, identified as ransomware, with adjusted losses of more than $49.2 million. Last year, there was $6.9 billion in losses with 2,300-plus average complaints daily. Phishing scams continue to top the list. These alarming stats drive home the point that companies cannot forgo cyber insurance. But getting insured is not as straightforward as one would think. Plus, the industry is shifting to keep pace.”

“When it comes to costs,” the post continues, “expect them to keep inching north. Premiums are up, about 30-50%, depending on the sector. Some industries, such as healthcare, are seeing increases in the triple digits. Other sectors that can expect to be impacted include manufacturing and construction due to supply chain issues.”

Adjusting to internet crime trends is getting increasingly expensive for business owners, but it’s advisable.

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