As Cyber Risk Increases, Insurers Must Provide a Better Market to Businesses in Need of Protection

This year has once again shown the domino effect that follows a crisis and the impact it has on businesses, from increasing rates to Russia’s invasion of Ukraine. As we enter a new year, there are numerous lessons to be learned. If we consider the conflict in Ukraine, the geopolitical situation led to sanctions against Russian-based companies, sharp increases in operational and energy costs, interruptions in supply chains, significant financial losses for companies around the world, and greater vulnerability to cyberattacks.

Businesses currently operate in a period of increased vulnerability to cyberattacks, with rising anxiety around cyberwarfare and information security systems. This is particularly true in industries that support crucial UK infrastructures such as aviation, transport, IT and telecoms and finance.

According to a City A.M survey of businesses, 79% of respondents across all industries had been the victim of a cyberattack this year, with 50% of those attacks resulting in a loss of data or money. These attacks have the potential to completely destroy businesses, resulting in data breaches, serious disruptions to regular business operations, lost revenue, and enormous financial expenses to investigate and restore systems.

The biggest shift in 2022 has been that absolutely no one is protected because hackers are increasingly targeting industries that were once considered classic “targets,” such as finance. T

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This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents