Insights into the 2022 Cyber Market
Cybercrimes have drastically increased over recent months. A recent study shows the average cost for smaller organizations was almost $3 million per incident in 2021. Also, the number of phishing attacks has essentially doubled since 2020. Lastly, over half of all small businesses that have a cyber attack go out of business in the year following.
Cyber insurance has never been more critical. It is just as important as General Liability or E&O.
What carriers and their clients should be monitoring in 2022
Ransomware is the big story when it comes to cyber risks. This is where cyber criminals are having success, so they continue to ramp up these attacks.
Whether you're a large company selling software, or a small e-commerce site selling matching bracelets, you need to be aware of the risks associated with your business.
Cyber is unique in the sense that carriers don't have access to much data. In just the last couple years, carriers have only started to understand what drives losses and what can prevent these losses from occurring. Keeping an eye on this data and making changes in a timely matter is crucial.