There has been much recent discussion regarding cyber risks when it comes to restaurant risk and we believe that the proper strategy involves Prevention and Insurance Coverage.
Factors that impact a restaurants exposure and thus their insurance premiums are:
- Revenues
- Number of sensitive records
- What the records contain
- Extent of potential regulatory cost exposure
- IT security controls in place
- Number of outside vendors utilized
- Prior losses or claims
Recent Statistics:
- 1,199 ransomware reports in 2021, up from 416 in 2020 – Reports form US Banks
- Ransomware attacks against organizations increased 97% in 2022 over 2021 – Dragos, ICT/OT Cybersecurity Year in Review
- Top factors that increase cyberattack costs include security system complexity (290 million), cloud migration (284 million), and compliance failures (258 million). – Gallagher, 2023 US Cyber Market Conditions Outlook Report
- In 2000, there were about 1,00 disclosed vulnerabilities. In 2022, there were 23,000. – Coalition Cyber Threat Index 2023
- In 2021, business e-mail compromise scheme resulted in 19,954 complaints to the FBI, with an adjusted loss of nearly 2.4 billion. – Gallagher, 2023 US Cyber Market Conditions Outlook Report
Some Cyber Prevention Related Articles:
- Basic prevention techniques
- ACH/Wire Fraud Prevention
- Application and Coverage Options – Fund Transfer Excess Coverage
Contact us today for a quote