Cyber Considerations In 2021
If you were wondering if cyber exposures were something to be concerned about in 2021, consider this: with the far reaching impacts of Covid-19 and the exponential increase in remote workers, more laptops, potentially less secure networks with less secure hardware cyber attacks are more common than ever before. According to the article written by Kevin LaCroix in the D & O Diary, there was a 40% increase in ransomware attacks in the third quarter of 2020. That equates to 145.2 million ransomware hits in the third quarter alone. One carrier had reported over 100 million in ransomware demands in just September. If this sounds familiar, this has created a real challenge for network administrators in most all industries. The construction industry is no exception! In fact, construction companies will grow more vulnerable as more technology is being adopted.
Cyber attacks are continuing to evolve and get more sophisticated. Some Cyber carriers offer tools to help in assessing your current computer security, website, etc. and offer data breach cost estimators to determine rough estimates for what a breach may cost your company. According to IBM and the Ponemon Institute, costs remain highest in the U.S., where the average cost of a data breach was $3.86 million.
Cyber Insurance is a growing insurance need and a coverage to be thoughtfully considered. If you have questions and want to further evaluate your exposures and options call INSURICA today.
About the Author
Share This Story
Related Blogs
Flexible Compensation: A Necessary Evolution
In today’s fast-evolving job market, flexible compensation is redefining how companies attract and retain talent. Traditional pay structures, once seen as stable and predictable, are now losing appeal, particularly among younger professionals who prioritize personalized benefits over rigid salary scales. While flexible compensation models have gradually emerged since the early 2000s, the post-pandemic work era has rapidly accelerated their adoption—driven by shifting workforce expectations, economic volatility, and the rise of remote work and gig employment.
Balancing Employee Wellbeing and Financial Pressures
In today’s economic climate, businesses are facing rising costs and inflationary pressures, leading to a fundamental reassessment of employee benefits programs. While mental health and wellbeing initiatives remain a priority for employers, there is a growing demand for measurable impact and cost-efficient solutions rather than superficial perks. As companies strive to balance budget constraints with competitive benefits, the future of workplace wellness is shifting toward strategic, high-value programs that support employee health without breaking financial sustainability.
How Businesses Are Using Data Analytics to Optimize Employee Benefits Engagement
In today’s competitive job market, businesses are increasingly leveraging data analytics to enhance employee benefits engagement, ensuring that workers fully utilize available resources. Traditional benefits programs often suffer from low participation rates due to lack of awareness, complexity, or misalignment with employee needs. By integrating data-driven insights, companies can personalize benefits offerings, improve communication strategies, and maximize employee satisfaction while optimizing costs.