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If you're a small-to-medium-sized business, you probably hate to think about – or spend on – the security of your data and transactions. We get it. But, the cost of not putting minimal best practices in place could be greater. Want to see if you have the basic protections in place? Start by downloading our free 10-point cyber security checklist.

The following stats may provide the motivation you need to protect your data and transactions.

The Cost of Cyber Attacks

The cost of a cyber security event can be well into 6 figures – no matter what size your business.

Top Causes of Cyber Attack¹

1. Human error
2. Ransomware

Industries Impacted

While any industry is vulnerable, some seem more targeted.

Industries with Most Cyber Claims²

1. Healthcare
2. IT and telecom
3. Insurance
4. Retail and wholesale
5. Manufacturing

Cyber Attacks Rise Amid COVID-19

As 87% of 1H 2020 incidents, cyber-attacks continue to threaten.³

Most Frequent Types of Attacks⁴

1. Ransomware
2. Funds-transfer loss
3. Email compromise

There are a couple of ways for you to protect your business. You can, of course, put appropriate technology in place. But secondarily, you can invest in cyber insurance. We'll discuss both during our April 14 cyber security webinar, 'Want to Avoid Cyber Sharks? Swim with the School,' with guests from the Willis Towers Watson risk management division.

In the meantime, download our free 10-point checklist and let us know how your self-audit turns out. We can help fill the gaps in your defense.

Sources: 1-2 & 4) Willis Towers Watson, 'Cyber claims analysis report,' (2020). 3) Coalition, 'H1 2020 Cyber Insurance Claims Report' (2020)