Cyber Liability

Cybercrime is on the Rise among Financial Service Professionals.  
Are you exposed?

A decade ago, criminals used guns.  Today, all they need is a computer.  With all the sensitive customer data you store, financial service professionals provide a target rich environment for cybercriminals.  They steal tax returns, social security numbers and other personally identifiable data to sell on the black market—and they do it all the time.
 

Cybercriminals use Advanced Technology, including:

• Automated artificial intelligence software to randomly search for vulnerabilities
• Phishing attacks to infiltrate your systems and plant malware that monitors your activities
• Ransomware attacks that lock you out of your files until a payoff is paid in bitcoins
• Fraudulent impersonation schemes to trick unsuspecting employees to wire transfer them funds

Financial Service Firm Cybercrime Statistics

• Cyberattacks cost financial service firms more to address than any other industry¹
• The average number of breaches per firm has more than tripled over the past five years¹
• The average cost of a data breach per firm has increased by 40% over the past three years¹
• $148: Average cost per stolen record of a data breach²
• 50% of all email is spam, and 73% of all spam is malicious²
• 206 days: Average number of days it takes to identify a breach²
• $133,000: Average cost of a ransomware attack on small businesses²

Get a FREE cyber risk assessment with recommendations to help reduce your risk. See what a hacker sees. Externally observable data is used to help protect your small business. No downloads, software, or agents required. Receive clear, actionable steps to help reduce your business’ cyber risk Discover exposed usernames, passwords and personally identifying information Find exploitable vulnerabilities and misconfigurations that expose your business to cyber threats Basic actions like a cybersecurity assessment can help reduce your exposure by 80%.3

 

¹Chris Thompson, “What’s the cost of cyber crime to your company and how should you respond?” Accenture, June 25, 2018.
²Rob Sobers, “110 Must-Know Cybersecurity Statistics for 2020,” Varonis, April 15, 2020.
³29 Must-know Cybersecurity Statistics for 2020, Cyber Observer, 2020.

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This document provides summary information only. Insurance coverage is subject to specific terms, limitations and exclusions, and may not be available in all states.

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