LOUISVILLE, Ky. — Everyday, there are cyberattacks, and we continuously move more of our lives online where we are vulnerable to attacks. Insurtech is no stranger to these sensitivities, as was the case with insurance technology startup company BackNine, which recently had a major security breach. Statistics show that human error is responsible for approximately 88% of all data breaches. By some counts, there are more than 2,200 cyberattacks per day — that equates to about one cyberattack every 39 seconds. According to a 2021 IBM and Ponemon Institute study, a breach can cost a company $4.24 million, which is 10% more than what it cost in 2019.
“There will be more attacks, and businesses have to prepare for and anticipate the future,” said Jason Thomas, chief technology officer for Traffk. “While a lot of companies think they’re safe because they don’t have web-facing applications, it actually opens them to more attacks.”