Security & Risk Management

Evaluating, analyzing, and managing the risk and security

Cyber insurance rates are rising

You can expect costs for cyber insurance to jump sharply as ransomware attacks continue.

“The cyber insurance market could double over the next three to four years, and 2021 rates could rise as much as 50percent higher,” according to Marsh, a leading insurance broker.

In addition to high-profile companies like Colonial Pipeline, hackers target many smaller firms and institutions, seizing computers and demanding large payments to release them.

Marsh said the number of cyber events has grown 150 percent since 2018.

“Overall, cybercrime costs are projected to reach $10.5 trillion by 2025,” Marsh said. One possible result: Fewer insurance companies will insure businesses for cyberattacks

Mark Wiener

CEO

Mark Wiener, CEO, BizCom Global has spent 30 years in the digital transformation industry even before it was a term.  Focusing on bringing together Operational productivity needs, Financial compatibility and IT standards and integration including security.  He works with companies from the halls of the fortune 500 down to the local mom and pop business focusing on how companies looking through the lens of a cloud first strategy can help achieve improved operational performance with planned and proper implementation of technology which include appropriate cybersecurity controls.

Mark prides himself on his ability to really listen to the customer, honestly assess their needs, and work relentlessly to assure the final solution exceeds the customer’s expectations.

Other Posts you might like...

Rating your cyber resilience
Preparation, detection, response, and recovery are the pillars of a successful cyber resilience program. These steps can keep your organization...
How cyber resilience works
Cyber resilience and cyber security may sound similar, but there’s a difference. Think of cyber security as the all-around approach...
People overlook easy protection
More people need to take preventive action to avoid hackers and other bad actors. Twitter’s revelation that only 2.3% of...
First, you’re hacked. Then you’re sued.
As if getting hacked isn’t bad enough, customers and employees can sue your organization for not providing better computer security....