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:

Contact us today for a quote