Like the rest of us, cybercriminals have been quick to adapt to the new normal: cybercrime is on the rise and the threat landscape grows ever more sophisticated by the day.
On one hand, a long line of high-profile data breaches has demonstrated that digital security is not a given even among industry titans. On the other, the booming cybercrime industry is benefitting economies of scale, making smaller and smaller businesses more affordable and attractive targets.
Unfortunately, that means that, now more than ever, no one is immune from a potential attack. This is daunting given that the impact of a single cyber event can be devastating, threatening insolvency.
If businesses are afraid, it’s because they’re paying attention.
But if fears are increasing awareness of the importance of cybersecurity and protection in a way that motivates action, that is a good thing. And the growing popularity of cyber insurance coverage is proof that that is exactly what is happening.
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