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Commercial Cyber-Crime Coverage - Cybercrime up 600% since the start of the Pandemic

Even if you already have a cyber insurance policy, there’s a strong possibility it lacks the coverage you need.

An increasing threat to small businesses, ransomware works by locking employees out of their computer system and demanding payment to unlock the system. An attack of this nature could be devastating. Consider these statistics:

  • The estimated cost of ransomware attacks in 2020 was $20 billion--up from $11.5 billion in 2019.

  • Small to mid-sized businesses make up 20% of ransomware victims.

  • In 2021, a new company is expected to be affected by ransomware every 11 seconds.

  • The average cost of downtime due to ransomware incidents in 2020 was $283,000.

These sobering facts all point to one thing: the need for air-tight coverage to protect your business from increasingly common cyberattacks. Businesses need a policy that covers ransomware payments, business interruptions caused by systems going down, and disruptions caused by a service provider experiencing security failures of their own.

You can’t afford to ignore these types of attacks. Give me a call today so you can secure this essential protection.

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