What could the financial impact of a cyber loss event cost?
Smaller companies targeted with attacks
For example, an attempt at Funds Transfer Fraud, through phishing, may be frequently seen by small businesses [3]. Weaker security measures are targeted, which is why lower sized operations could find themselves susceptible. [4] However, large entities like Change Healthcare are also targeted, as seen in “Large Scale Cyberattacks Disrupt Essential Substance Use and Mental Health Services”
How should operation mitigate its cyber risk? Protection, Transfer
How can we help? The team at Conrey Insurance Brokers and Risk Managers specializes in risk transfer. This transfer offers protection for the recovery from tangible or intangible losses related to a security breach or similar event arising from digital risks. [1] Cyber insurance allows companies to resume normal business operations faster, minimizing the cost of recovery. [2] Although we are not technology experts, we can also assist with both mitigation, as we are paid by the insurer to help you.
Ranked by expected severity, cyber events could be categorized into the following sub-domains. [5] These all should follow a mitigation strategy:
- Ransomware
- Composite
- Funds Transfer Fraud
- Data Breach
“Data is from multiple sources, including Coalition’s own global data. Actual numbers may vary significantly from calculator estimates based on additional factors for a given business. The data provided is for informational and educational purposes only.”
References
[1, 2, 5]
Cyber Insurance: Active Insurance & Cybersecurity. Coalition. (n.d.). https://www.coalitioninc.com/
[3, 4]
Rahmonbek, K. (2024, February 1). 35 alarming small business cybersecurity statistics for 2024. StrongDM. https://www.strongdm.com/blog/small-business-cyber-security-statistics