The Increasing Threat of Cyberattacks to Businesses

All sectors in the last few years have grappled with the threat of cyberattacks. Healthcare, education, government, and critical infrastructure are among those that have taken the hardest hits. Targeting underprepared or poorly-funded victims has become a lucrative business model for malicious threat groups and opportunistic actors.

Modern adversaries do not discriminate targets by size or sector; consequences from one attack can affect the organization and its vendors and providers. The last 12 months have seen little respite in the wave of ransomware attacks and data breaches even as the Biden-Harris Administration’s Executive Order on Improving the Nation’s Cybersecurity and official Shields Up campaign have raised awareness of the severity of the threats facing businesses.

From an insurance standpoint, the cost to remediate attacks has increased, spiking the price of cyber insurance premiums. Insurance carriers recognizing the risk from attack have subsequently adjusted their requirements for security.



In such an environment, it makes sense for businesses to prepare for the possibility of a compromise or cyber attack. An effective incident response plan that has been openly communicated and tailored to the needs of the business increases the organization’s chances of recovery and rapid return to normal operations.