Most Common Cyber Risks for Businesses

Cyber risk

Cyber attacks are becoming increasingly common, something that can be anxiety-inducing for a business owner. In 2015, there was a 23% increase in data breaches alone. While there are ways to clean up after an attack, the best option is always prevention. Gauge your cyber risk by looking at some of the most common sources of this prevalent problem.

Extortion is a huge risk on the cyber landscape. Someone gains access to the data on a company system and can cut off access to documents or even delete them for good. In this case, the person doing the hacking asks for a large sum of money to bring back the files. On average, this scheme can lose a business more than $4 million.

Another big risk is simple human error. If an employee loses their smartphone or laptop, someone else can get into it and reach any systems that are available. That could mean having customer names, social security numbers, and more available to someone who has no positive plans for them. The average cost for fixing this mistake is over $3 million.

Other sources of cyber risk include hacktivism, phishing, and general hacking. Make sure your information is secure and reduce your own chances of being hacked by considering specific insurance to handle this type of situation.

Insurance Risk Advisors