Cybercrime
What Is Cybercrime?
Cybercrimes are criminal activities carried out using computers, the Internet, or any other type of digital technology.
Types of cybercrimes include:
- Phishing
- Hacking
- Online scams
- Identity theft
- Ransomware
- Malware
- Cyber espionage
- Data breaches
- Computer viruses
- Distributed Denial of Service (DDoS) attacks
Cybercriminals exploit vulnerabilities in computer systems, networks, and software to gain unauthorized access to data, steal information, disrupt services, or cause harm to individuals or organizations.
How Often Does Cybercrime Happen?
Unfortunately, cybercrime is more common than you might think. In 2023, a cyberattack occurred every 39 seconds.
Here are some other notable cybercrime statistics that outline just how widespread this type of crime is:
- 43% of all annual cyber attacks target small businesses.
- The World Economic Forum estimates that the cost of cybercrime worldwide will hit $17.65 trillion by the end of 2025.
- Ransomware attacks happen every 14 seconds.
- According to analysts, the U.S. will become the target of over 50% of worldwide cyberattacks in the next five years.
Companies lose $188,400 on average each year because of cybercrime.
Who Does Cybercrime Happen To?
Cybercriminals can and will target anyone with an electronic device. It doesn’t matter how big or small your business is—everyone is susceptible to cybercrime.
How Can I Protect My Business From Cybercrime?
Here are several cybercrime solutions you can integrate into your business practices today:
- Implement multi-factor authentication
- Use strong passwords
- Do not click on links, attachments, or downloads in emails or text messages if you do not know the source
- Install and update your antivirus software
- Do not use unsecured networks
- Train yourself and your employees on how to recognize various cybercriminal methods
- Install a firewall
- Backup your data
- Work with an IT/cybersecurity specialist
- Purchase cybercrime insurance and utilize the insurance carrier’s risk management tools
There has been a 1517% increase in cybercrime victims in the past 20 years. It’s an ever-growing, ever-evolving criminal activity that can affect anyone, including your food or beverage business.
Awareness is key, but it isn’t everything! Educate yourself and your staff, implement tools to protect your business, and get cyber liability insurance to help mitigate damages if you’re impacted by a cybercrime.
Read More
- See also: Liability
- See also: Claim
- Cyber Liability Insurance
