Death, Taxes…and Identity Theft?
If our modern society has any assurances at all, the ever-increasing rate of identity theft can certainly be counted among them. That fact makes insuring for what may feel like – but that does not need to be – an inevitability all the more prudent.
Here are some statistical highlights to underscore this:
The Identity Theft Research Center (ITRC) states in its Annual Data Breach Report that the U.S. saw the second-highest number of data compromises ever in 2022, impacting 422 million individuals.
The Federal Bureau of Investigation’s 2022 Internet Crime Report says a record 800,994 complaints of cybercrime were reported by the public that year, a 5 percent reduction from the year before, but with losses increasing to $10.2 billion, a significant jump from the 2021 total losses of $6.9 billion.
The Federal Trade Commission reported that it took in more than 5.1 million reports in 2022, about half concerning fraud and about a quarter concerning identity theft. Of the identity theft cases, credit cards, online shopping, email and social media represented the leading avenues for this cybercrime.
The insurance industry fell victim to the most ransomware attacks in the first half of 2021, with telecommunications coming in second.
In 2020, nearly half of all Americans (47 percent) experienced financial identity theft, according to industry sources.
The threat is real. The costs are substantial. And prevention is possible. Cybersecurity insurance may not act to stop identity theft entirely, but it can protect your financial interests and make recovery more manageable.
Contact the professionals at The Reschini Group for more information and guidance on securing the proper type and level of cybersecurity protection for your enterprise.
Source: https://www.iii.org/fact-statistic/facts-statistics-identity-theft-and-cybercrime
Copyright 2023 The Reschini Group
The Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
