As cyberattacks become more frequent and costly, it’s crucial for organizations to maximize their financial protection against related losses by purchasing sufficient insurance. Cyber coverage, also known as cyber liability insurance, can help organizations pay for a range of expenses that may result from cyber incidents—including (but not limited to) data breaches, ransomware attacks and phishing scams.

It is essential to effectively back up data since its loss can have significant financial and reputational consequences. Yet, as technology advances, backup strategies also evolve. For example, the 3-2-1 rule, a long-held data backup standard, has developed into the 3-2-1-1-0 rule that provides businesses with more robust guidance on mitigating the risks associated with data loss.

The Jewelers Security Alliance (JSA) says crimes against U.S. jewelers last year hit their highest number the trade association has ever recorded, resulting in $129.4 million in losses. According to the JSA 2022 Annual Crime Report, 2,211 jewelry crimes (compared to 1,687 in 2021 and 1,718 in 2020) resulted in an 84.6% increase in dollars lost from the $70.1 million recorded in 2021. The total amount lost from crimes against jewelry firms reported to JSA reached $2.5 billion over a 21-year period.

Mobile malware—malicious software designed to gain access to private data on mobile devices—is a growing threat to companies’ cybersecurity. As companies embrace remote work and more employees use their personal devices for work-related tasks, cybercriminals are finding more opportunities to exploit these vulnerable and often unsecured devices to access corporate servers and sensitive information.

Since organizations rely heavily on email to communicate and conduct business operations, cybercriminals commonly target email as an entry point to access networks and breach valuable business data. In fact, 94% of malware is delivered by email, according to Verizon’s Data Breach Investigations Report.

Small businesses and self-employed people saw fewer cyberattacks and data breaches over the previous 12 months. Still, significant risks remain for this corner of the economy, according to the Identity Theft Resource Center’s (ITRC) 2022 Business Impact Report.