Two of the latest emerging risks are service fraud and bricking, wherein cybercriminals attach malware to your business network to steal computing power to mine cryptocurrency. (Credit: DragonImages/Adobe Stock)As a broker, you know too well the challenges of trying to convince business owners of the importance of cyber coverage in an increasingly digitized environment.
Whether they object that their business is small and therefore not a risk or that their industry is “safe” from cybercrime, if they don’t have adequate risk management and cyber coverage in place, they are likely being tricked by pervasive misconceptions. In fact, 38% of business decision-makers failed to increase their cyber policy limits in 2021 despite knowing the heightened presence of threat actors.
Just look at the stats. In 2021, ransomware attacks cost businesses 170% more than in 2020, business email compromise claims were up 51%, and funds transfer fraud claims were up 28%. That’s a lot of threat actors on Santa’s naughty list.
As you head into Christmas with an eye on your early 2022 client coverage renewals, we’re here to help you bust the following common myths or objections to…
