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BHS: Cyber Attacks: A Growing Threat

Cyber attacks are on the rise; in the first half of 2020 over 8 billion records were exposed. Ransomware has increased by 41% in 2020 and it is estimated ransomware costs will reach $6 trillion by 2021. Furthermore additional legislation has been enacted including BIPA (Biometric Information Privacy Act), GDPR (General Data Protection Regulation), & CCPA (California Consumer Privacy Act) resulting in tighter cyber security reporting rules along with penalties and fines. With all these converging forces, there is a greater need for a strong cyber security plan and a robust cyber insurance policy. Being prepared with strong procedures, a business continuity plan, employee training and insurance can protect your institution from a cyber event.

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