Commercial Crime Insurance: Rising Cyber-Crime
Nearly every major business transaction happens online. From your website, social media presence, online marketing efforts, bank transactions and countless emails, it has revolutionized the way companies conduct business. The scope and variety of criminal threats facing businesses are larger than ever.
Here are a few statistics to paint a picture. The estimated annual cost of global cyber crime is 100 billion. Seventy-three percent of Americans have experienced some form of cyber-crime. These attacks occur across a variety of mediums from Facebook accounts to email and websites. The most common types of cyber-attacks on businesses include viruses and malware, criminal insiders, web-based attacks, phishing and theft of data-containing devices.
Cyber-crime rates are only projected to get worse. By 2017, the global cyber security market is expected to skyrocket to $120.1 billion from $63.7 billion in 2011.
This surge in cyber-crime directly hits businesses. Sixty percent of the cyber-crimes caused losses to business. And of the businesses hit with cyber-crime, only 22% were able to hold onto funds. And if the money was fraudulently transferred, a measly 10% were able to recover their stolen funds.
The good news is business owners have multiple options for combating commercial crime. Commercial crime insurance can help clients address their current liabilities and exposures to reduce their risks and can help businesses recover if they are hit by any criminal activity.
PLRisk Advisors offers Commercial Crime Insurance. Our program is available for all industries and types of businesses. We can also assist you in helping your clients develop a risk management program that combines security controls along with a properly structured insurance policy that meets their needs. Our team can help identify threats to their assets and bank accounts and design a program specific to each of your clients.
Contact us today for more information (855) 403-5982.
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