BEC-related cyber-insurance claims accounted for nearly a quarter of all claims in the EMEA region last year.
Business email compromise (BEC) has overtaken ransomware and data breach by hackers as the main driver of cyber claims, according to the latest cyber claims statistics from American International Group, Inc.
According to stats published from AIG, BEC (Business Email Compromise) accounts for just under a quarter (23%) of all cyber-related insurance claims the company received in 2018, pipping ransomware in 2nd at 18%.
BEC being at the top of the charts should come as no surprise, as the amount of businesses big and small without a cybersecurity strategy in place is worrying, and if we combine the lack protection with poor education and weak password usage – it’s a recipe for disaster.
It’s no secret that cybercrime is on the up, and it will be no surprise to learn that the number of cyber-related insurance claims in 2018 almost doubled that of 2017, and AIG claims they received more cyber-insurance claims last year than both 2016 and 2017 combined – highlighting the seriousness of this global pandemic.
Cybercrime cost UK businesses over £17bn in 2018 alone, and with the average business forking out over £65,000 per attack, it begs the question, can you really afford to take the risk?
More than half of European firms admitted to some form of business disruption or data loss due to cybercrime in the past 24 months, what’s more, 33% of those companies were from the UK – making us the most targeted country in Europe.
As a whole, cybercrime is up by 179% YoY, with one attack taking place every 50 seconds – putting you and your business at risk more than ever.
It’s not a matter of if you’ll be attacked, but when, so don’t take the risk, get in touch today and get maximum protection for you and your business.
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