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Rising Threats: How Fast Are Cyber Attacks Increasing?
Manage episode 433460791 series 2911349
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Introduction:
- Discussion on the significant increase in cyber attacks and ransomware.
- Overview of the rapidly growing cyber risk for companies.
Key Highlights:
- 500% Surge in Ransomware Losses:
- Recent cyber security industry report shows a 500% increase in ransomware payments.
- The average ransom payment has skyrocketed from $400,000 to $2 million.
- Example: CDK allegedly paid $25 million to resolve a cyber attack.
- Impact on Businesses:
- Rising costs to resolve cyber attacks.
- Potential underestimation of the financial impact by companies.
- Cyber Insurance Recommendations:
- Importance of having a standalone cyber insurance policy.
- Ensure coverage amounts are substantial and include third parties.
- Coverage should extend to upstream and downstream clients and vendors.
- Look for policies that include active monitoring and a dedicated response team.
Expert Consultation Offer:
- Mention of the availability of live one-on-one private video consultations with cyber security experts.
- Expert advice tailored to individual situations.
Conclusion:
- Importance of being proactive with cyber insurance due to the increasing likelihood of cyber attacks.
- Encouragement to explore additional related content on the channel.
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