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The damage from cyberattacks worldwide is estimated at $1 trillion per year.

The damage from cyberattacks worldwide is estimated at $1 trillion per year.

07.05.2018

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Today, any company that stores customer data can be targeted by hackers. The level of losses from cybercrime in the global economy is growing at a serious pace: if in 2016 they amounted to about $600 billion, then in 2017 it was already $1 trillion, and by 2019 it could reach $2 trillion - these are colossal amounts, say insurers.

According to a report by the international insurance concern Allianz, cyber risks are in second place on the list of the most dangerous threats to business. Insurance compensates for losses from data theft and helps to cope with the consequences of a hacker attack. Insurance programs also provide for a preliminary audit, during which experts give companies recommendations for strengthening security.

Companies around the world collect and store huge databases of real and potential customers. In 2015, the American agency Wikibon conducted a study of working with Big Data. According to their forecast, by 2020 the big data market will grow to $61 billion, and in 2026 - to $85 billion. Every year this market adds about 17%.

Digitalization and digital technologies are increasingly entering all aspects of our lives, and in any field of activity, digitalization is a necessary condition for conducting competitive business. Information systems for enterprises and organizations today are as valuable an asset as any other. At the same time, they are the door through which a cybercriminal can penetrate and cause serious damage.

Neither legislation nor law enforcement agencies around the world can catch up with the speed of technologies developed by cybercriminals. “Businesses are trying to protect themselves from cyberattacks on their own, spending about $122.5 billion a year on protecting information systems. At the same time, insurance protection is not yet widely used, although it may be much more effective in combination with technical and administrative methods of cybersecurity, since the size of insurance premiums is an order of magnitude lower than the amounts that companies currently spend on cyber protection in technical, physical and administrative terms, and in the event of an insured event, the company will receive insurance compensation.

When big data falls into the hands of hackers and is published on the Internet, it causes serious damage to the company's reputation and disrupts its work. For example, on April 7 of this year, hackers attacked Cisco switches installed in many data centers. Twitter and Airbnb became inaccessible due to the attacks. In June 2017, the Petya ransomware attacked about 80 companies in Russia and Ukraine, and then spread abroad - to Germany, the USA, Great Britain and Denmark. In Russia, the virus attacked Rosneft, Bashneft, Mars, Nivea and Mondelez International (producer of Alpen Gold chocolate). The virus blocked computers and demanded a ransom.

Source: Forinsurer

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