October is National Cyber Security Awareness Month
October 1st marks the beginning of National Cyber Security Awareness Month (NCSAM). This is a collaborative effort between the National Cyber Security Alliance and the U.S. Department of Homeland Security that began in 2004. For 2018, NCSAM is focusing on internet security as a shared responsibility among consumers, businesses and the cyber workforce. This is an important focus because cyberspace cannot truly be secured without the help of all users. Whether you like it or not, connected devices are essential to our professional and personal lives. Cyber criminals have caught on to this and gravitate to these platforms more and more. Many common crimes such as theft, fraud, harassment and abuse are happening online and continue to use new technology and tactics to trick consumers. Businesses are also seeing increased attacks like cyber intrusions and attacks on infrastructure due to the vulnerabilities of businesses, organizations and individuals' connected systems.
Below are a few quick facts regarding your cyber security and how it is impacting our day-to-day lives.
- 53% of U.S. businesses have experienced a cyber attack in the past year.
- Of those businesses hacked in the past 12 months, 72% spent $5,000 or more to investigate each cyber attack, restore or replace software and hardware, and deal with other consequences.
- More than a third of hacked businesses spent at least $50,000to respond: 10% spent $100,000 to $250,000 and 7% spent more than $250,000!
- 7 in 10 executives were concerned that data would be destroyed as a result of a cyber attack, and 62% were concerned about equipment damage.
- Nearly two-thirds of companies(61%) purchased or increased their level of cyber insurance coverage over the past year, and 56% of them purchased cyber insurance for the first time.
- Malware(53%) and viruses(51%) were the most common types of cyber attacks in 2016.
- Businesses and institutions also experienced:
- Distributed Denial of Service(DDOS) Attacks: 35%
- Ransomware: 29%
- Cyber Extortion: 25%
- Social Engineering: 13%
- Who's the weakest link at safeguarding information? Employees and security experts
We will continue to provide information not only in the month of October but throughout the year via Facebook and Instagram. Check back for blogs and updated information throughout the month of October to help keep you informed on trends and ways to protect your information. You can also learn more about NCSAM from the FBI clicking here.
If you have any questions, please reach out to us at 800-686-8664 or ClientService@TOMIA247.com and our insurance solution providers will help begin the journey to protect your cyber security.
Enthusiastically,
Brian D. Bartosh, CIC, LUTCF
President
