C-Suites: Cybercrime Damages Expected to Reach $6 Trillion by 2021

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According to Cybersecurity Ventures, cybercrime is the fastest growing crime in the U.S., with damages expected to reach $6 trillion globally by 2021. Therefore, it is axiomatic that C-Suites continue to address the risk associated with cybercrime and how cybercrime will affect the business.

Ransomware continues to be one of the biggest risks to company operations. Statistics show that ransomware attacks are becoming more prolific and expensive. According to the most recent Coveware Q3 Report, ransomware incidents and ransom demands are increasing. Ransomware attacks are leaving a company paralyzed for an average of 19 days.

The inability to conduct business operations for 19 days can be devastating, especially to small and medium-sized businesses. Having an incident response plan, contingent operations plan, and disaster recovery plan is essential to minimizing the risk of failed or stalled operations. Those companies that are prepared for an attack and can implement these plans are better able to respond to a cyber-attack that leaves the company paralyzed.

It is clear that cyber-attacks and cybercrime damages are continuing to soar, particularly while companies’ workforces are working remotely. It is crucial to evaluate and put your incident response, contingent operations and disaster recovery plans in place now.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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