In the past few years, there has been an increase in the number of cyberattacks that caused breaches potentially costing small-to-medium businesses millions of dollars per year according to research done in 2020 by IBM and Ponemon. In this new age of cyber breaches, it has become more important than ever to mitigate these risks. By using CyberCube, an analytics tool, Hauser Insurance can both assess risk and take the necessary steps to reduce harm. The transition to online workspaces due to COVID-19 lead to a further increase in cybercrime during the lockdowns caused by the pandemic as companies found themselves relying on security protocols that have proved themselves to be inadequate in the face of a surge in personal devices such as smartphones being used in business settings. The large increase in ransomware over the pandemic has, according to Hauser Insurance, has mostly affected small and medium as they account for over 60% of the attacks according to the Hauser Insurance group. Although larger companies are assumed to have better security, the use of A.I. technology and better access methods has meant that almost all companies need to assess their own risk or suffer the consequences of having their sensitive data exposed by cybercriminals. The existing trend of an ever more digitized global economy means that these problems will continue beyond 2020/2021 even after most people stop working remotely.
By using an extensive equation based on the CyberCube security developed by data security firm Symantec to model cyber risk and the business’ existing security controls, Hauser Insurance can suggest a targeted program that can address important cybersecurity scenarios. Established in 1971, Hauser Insurance has become a respected firm in the field of risk management and insurance.
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