Happy Wednesday! In this week's Big I Buzz, we are sharing how to sign up to be a member of an IIAW Task Force or Council and 4 studies you need to read for Cybersecurity Awareness Month. 

Get Involved With IIAW's Task Forces & Councils

The IIAW recently announced the opportunity for our members to join our Task Forces & Councils. These Task Forces & Councils act as a sounding board for planning and IIAW education, events and other member benefits. You can join one (or multiple) of the following Task Forces & Councils: Personal Lines Task Force, Commercial Lines Task Force, Employee Benefits Task Force, Industry Relations & Operations Council, Government Affairs Council and Emerging Leaders. Joining a Task Force or Council is easy! Complete the short form here (on the bottom of this page) and you'll be on the contact list for that group to receive an invite for the next meeting. 

If you want to learn more about the Task Forces and Councils before signing up, mark your calendar down for Tuesday, October 18th! The IIAW and our Board of Directors is hosting a free kickoff event from 3 to 5 p.m. at Milford Hills in Johnson Creek. Everyone is welcome to join, and you don't have to be a part of the Task Forces & Councils to attend. Learn more here. 

Cybersecurity Awareness Month: 4 Studies you Need to Read

October is National Cybersecurity Awareness Month and it's a great time to make sure you're on top of the latest trends in every market to be a trusted advisor to your clients. IA Magazine has put together four major takeaways from studies to help you protect your clients and your agency: 

1. Cybersecurity recovery time and costs are much higher than businesses realize. If you receive our Commercial Lines monthly e-newsletter, you'll know that often small businesses tend to underestimate the cost of a cyberattack could be for their company. A recent survey from Nationwide Agency Forward about cybersecurity and business owners found that less than 3 in 10 small business owners report having cyber coverage, compared to 71% of the middle market business. Small business owners are significantly less likely to be taking important precautions with their employees. 

2. Cyber threats remain the top overall business concern. The 2022 Travelers Risk Index found that cyber threats were the leading concern, with 59% of survey respondents say that they worry some or a great deal about cyber threats, followed closely by broad economic uncertainty. 

3. Consumers are concerned about cyberattacks but haven't insured their digital fingerprints. The Nationwide Agency Forward survey about cybersecurity and business owners also found that consumer concerns about a cyberattack are on the rise. "As many as 58% admitted that they are concerned about falling victim to a cyberattack, which is an increase of nine points since June 2020. Consumers said increased frequency (61%) and sophistication of attacks (51%) in recent years are causes for concern.

4. Average claim cost rises but ransomware claims and waning. "During the first half of 2022, the average cost of a claim for a small business owner increased to $139,000 which is 58% higher than levels during the first half of 2021, according to the mid-year update to Coalition's 2022 Cyber Claims Report." Read more from iamagazine.com here. 

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click here to add your email to our emailing list. Additionally, we send out monthly newsletters with content curated just for you and your role. Make sure you're on the list to receive our communications by heading to bit.ly/industrynewsforyou to stay in the loop!