Evolve MGA’s hacker insurance protects businesses in the event they experience cyber attacks. There’s no doubt that cyber crime is on the rise, but by how much, is what is alarming. In 2015, global ransomware damage costs were $325 million and by 2017, costs were roughly $5 billion (15x increase in just two years).
Some additional facts surrounding this growth are listed below:
1. 54% of companies experienced one or more successful attacks that compromised data and/or IT infrastructure (Ponemon Institute)
2. 69% of organizations don’t believe their antivirus can stop the threats they’re seeing (Ponemon Institute).
3. The total cost of a successful cyberattack is over $5 million, or $301 per employee (Ponemon Institute).
4. The percentage of malware payloads that were ransomware dropped over 70% in June 2017 to less than 5% in December — while crypto-mining malware impacted 55% of organizations globally (Check Point).
5. Cybersecurity Ventures estimated cyber attacks cost businesses $1.5 billion in 2016. Experts estimate the total global losses from last year’s WannaCry outbreak alone were in the ballpark of $4 billion.