So this story seems like it’s about Artificial Intelligence being used for fraud against businesses; however, it’s really about more than that. It has a lot to do with insurance coverages that are hidden risks for a business owner. So what do we mean by that? Well, first it gives you a warning that you should ignore scam texts and emails, and you know, ignore the obvious scams that come to you and use best practices to keep up with the emerging techniques that scammers are using. However, it goes more than that.
Statistics on Cyber Attacks
First of all, 52% of business owners admit to being duped by deep fake images or videos in the past year. 52%—more than half! 90% of those surveyed want more support to protect against attacks. We’ll talk about where to get that support from. The average cyber claim for a business can cost $18,000 to $20,000. The average claim, but most people think that it’s only going to be $5,000 or less.
Recovery and Support
You will be back in your reading in just a few seconds. In the meantime, remember that actualhuman.com offers you live one-on-one private video consultation with an expert in this exact subject. We want to listen to your story, we want to hear your questions, we want to give you expert advisement of your options, and tell you what we know about your particular situation. Now, back to your video. Percent of businesses think they would recover in under a month; in reality, the recovery time takes double that. In fact, a lot of businesses that have a cyber attack never recover, and they go out of business.
Understanding Insurance Coverage
A lot of business owners also feel that their non-cyber insurance would cover the losses—almost two-thirds. However, cyber losses are excluded from most business owners’ policies. In addition to having coverage, if you do get a cyber policy, you also get that monitoring and you get that response team that we talked about earlier.
Conclusion and Expert Consultations
So if you’re all worried about this, cyber threats are continuing to evolve, and you should look at cyber policies and see what they’re going to cover and how it affects your business. So that you don’t end up having an event and having to come out of pocket tens of thousands of dollars, be out of business for a couple of months, and lose employees and clients. So you want to have the support to make sure that you’re not relying on just a tech person who’s great but may not be up to date on all the cyber realities of risk.
