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Cybercrime is on the rise with inflation  

It’s no secret that when the economy is on shaky ground, an increase in crime follows – not only the traditional smash-and-grab type, but also white-collar crime (embezzlement, bribery, fraud) and cybercrime (social engineering, ransomware, hacking and e-theft).

Don’t worry we are not trying to make you feel sorry for hackers, but it is ironic that the criminal community will itself suffer from high inflation and its impact on their cost of living.

What does inflation have to do with cyberattacks?

The inflationary pressures we are all suffering with the current  economic climate has also affected the value of crypto currencies – hackers favourite currency – meaning cyber criminals, like the rest of us, must work harder, launching more frequent attacks on more vulnerable clients, to make their money go further.

According to Forbes, faced with increased costs to power, computing, and living costs, ransomware events perpetrated by hackers will increase in frequency, while the size of target company will decrease.

It has never been more important for businesses of all sizes to be alert to the threat of cybercrime.

What should you do to protect your business?

We have worked hard to provide businesses with the means to identify and mitigate cybercrime:

  • Explaining cyber risk in jargon-free terms, what it can do to your business if left unchecked, and some straightforward steps you can take to mitigate the risk of becoming a victim of cyber attacks
  • Free cyber risk assessments that provide simple, plain-English explanations of your external cyber threats
  • Risk control tools to provide estimates of financial costs that flow from different types of cyber attack
  • Market-leading cyber insurance products with state-of-the-art breach response services and embedded risk management tools – crucial support when you need it most

To understand more about your cyber risk, or contact us today by phone +03300 940177, or by email contact@partnersand.com.

If you already have a dedicated Partners& adviser, feel free to reach out directly and they will be more than happy to support you with any questions you might have.

Source: Forbes