Preparing Trade Defenses: How World Events Affect Us

It's easy to look at the affairs of the world and think they're on the other side of the world, so it doesn't directly apply to affairs at home. However, we cannot just watch world events; we need to know how they affect us. Global events affect our cybersecurity.

Global event has potential security ramifications

But world events have potential security ramifications and impact the way we do business. We can no longer passively observe the affairs of the world, nor adopt an approach of burying our heads in the sand – these approaches are short-sighted. It takes proactive measures when it comes to corporate security and the growing threat of cybersecurity.

Cyberattacks are on the rise and anyone with an internet connection is a potential victim. It is no longer a question of whether an attack will occur; it's a matter of when a bad actor will target a business - your business.

Low-profile companies are the low-hanging fruit, ripe for cyber infestation

Cyberattacks grab the headlines when they involve high-profile companies, but it's the 'silent' attacks that companies need to consider. Even when cyberattacks don't make the headlines, they can still pose a significant problem for businesses of all types and sizes. Unfortunately, in the absence of regular headlines, many companies fail to keep the threat of cyber infiltration in mind.

Criminals have always targeted people and businesses

Remember that malicious actors and criminals have always targeted organizations in our country and around the world. However, today's criminals, the "black hat cyber criminals have learned well from the past, and they are getting better and better at their craft.

According to the FBI, there are more than 4,000 ransomware attacks every day in the United States. But most of them don't make the headlines.

These attacks have not slowed down amid the COVID-19 pandemic, but rather accelerated. Unfortunately, it doesn't look like they'll be quieting down any time soon. It is a well-known fact that economic difficulties in businesses or the economy will increase crime in all sectors, and cybercrime and attacks are no different.

Watch out for data breaches

The Identity Theft Resource Center (ITRC) 2021 Annual Data Breach Report found that ransomware-related data breaches have doubled in the past two years. At the current rate, in 2022, ransomware attacks could overtake phishing as the number one root cause of data compromise.

Companies are increasingly acting to protect themselves. But they can do more to protect their business operations: they should purchase cyber insurance.

Why do businesses need cyber insurance?

Many cybersecurity experts have predicted that malicious actors may launch cyberattacks around the world, especially in the United States. Although their specific targets are uncertain, no one or any company should leave their security to chance.

Many companies make the mistake of thinking that bad actors won't target them. They might think they have a small staff or lack wide name recognition that can fly under the radar.

However, previous cyberattacks have shown that hackers usually start small. They will often use an initial breach - targeting a company that doesn't take its security as seriously as it should. Then, with many small successes, cybercriminals up their game and use newly learned tactics as a starting point to hit bigger and bigger targets.

Who will find and exploit weaknesses in your business?

Unfortunately, no one is fully protected, and you want to protect your business, your customers, and your customers. Every client has a weakness somewhere, and bad actors will find and exploit those weaknesses.

According to Hiscox, an international specialist insurer, around a quarter (23%) of small businesses have experienced at least one cyberattack in the past year. The average financial cost for a small business was over $25,000.

You have home and auto insurance — It's time for cyber insurance

The cyber insurance industry has grown in recent years. According to Insurance Business, what was a $7.8 billion industry in 2020 could grow to $20 billion by 2025.

While companies have general liability and other more specialized insurance...