Our job as your trusted risk management expert is to educate and inform you and your management team of changes and developments in all manner of risks affecting your business. The most alarming and rapidly expanding exposure our clients are currently facing is cybercrime, including malware, ransomware and phishing.

Cyberattacks occur when a malicious party gains access to a computer system or network for financial or destructive purposes. There are several ways a cyberattack can be carried out, but most are designed to steal sensitive or proprietary data and/or alter, disable or destroy critical IT systems. 

Cyberattacks are constantly evolving, but business owners should at least be aware of the most common types, according to the U.S. Small Business Administration:

Malware: Malware (malicious software) is an umbrella term that refers to software intentionally designed to cause damage to a computer, server, client, or computer network. Malware can include viruses and ransomware.

Viruses: Viruses are harmful programs intended to spread from computer to computer (and other connected devices). Viruses are intended to give cybercriminals access to your system.

Ransomware: Ransomware is a specific type of malware that infects and restricts access to a computer until a ransom is paid. Ransomware is usually delivered through phishing emails and exploits unpatched vulnerabilities in software.

Phishing: Phishing is a type of cyberattack that uses email or a malicious website to infect your machine with malware or collect your sensitive information. Phishing emails appear as though they’ve been sent from a legitimate organization or known individual. These emails often entice users to click on a link or open an attachment containing malicious code. After the code is run, your computer may become infected with malware.

Ransomware has recently become one of the more predominant cyberattacks among businesses. One of the most common types of malware, ransomware is used to lock victims out of files, applications or networks until they pay a ransom. According to the New York Times, in 2019, more than 205,000 organizations were affected by ransomware attacks—a 41% increase from 2018.

In 2019 alone, the FBI's Internet Crime Complaint Center included information from 467,361 complaints of suspected internet crime — with reported losses exceeding $3.5 billion.

These attacks do not just affect large corporations—in fact, CNBC reports that 62% of all Cybercrime targets were small and medium-sized businesses and cost $200,000 on average.

Today, it’s important to understand that it is no longer "when," but "how" your data will be breached. Our goal is to help you understand your exposure, and most importantly, help to protect your business from the wide range of cybersecurity risks present in today’s marketplace.

The first step is to educate yourself about the risks and develop a plan for mitigating your exposure. Your trusted team at Schauer is ready to help, armed with direct experience in all manner of cybercrime. We can help you determine the most strategic approach for your business and provide a variety of solutions, including cyber insurance protection, to assist you should a cybercrime or a data breach incident occur.
Contact your advisor today to begin and let the Schauer team go to work mitigating your Cybercrime risk.
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In an age of ongoing digital transformation, cybercrime has quickly become today’s fastest-growing form of criminal activity. Equally worrying for modern executives, it’s also set to cost businesses $5.2 trillion worldwide within five years, according to Accenture. With 43% of online attacks now aimed at small businesses, a favorite target of high-tech villains, yet only 14% prepared to defend themselves, owners increasingly need to start making high-tech security a top priority, according to network security leaders. By Scott Steinberg, CNBC
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The U.S. Treasury Department is warning that individuals or businesses that help facilitate ransomware payments may be violating anti-money laundering and sanctions regulations. By Andrew G. Simpson, Insurance Journal
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