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The biggest threat to your money is not inflation

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When Russian tanks entered Ukraine, Russian hackers broke into the Ukrainian Internet.


In the morning of the intrusion into the Center for Threat Intelligence, Microsoft, which discovered the attack, went straight to the Ukrainian banks, the hack, which destroyed all the data of banks, began to sound the alarm.


A few hours later, Russian hackers maimed tens of thousands of satellite modems, depriving them of Internet access throughout Ukraine … including on the websites of the Ministry of Defense and the country’s army.


It was the largest attack of its kind in the history of Ukraine. And they didn’t stop there…


Data from cybersecurity firm Check Point Software show that in the first week of the fight cyber attacks on Ukraine have tripled.


Cybercrime is the most subtle threat to your money today. Each of us thinks, “It will never happen to me.”



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However, as I will show you, we can no longer ignore this threat. Today I will give you effective advice on how to deal with it. As you can see, this can save tens or even hundreds of thousands of dollars.



But first … have you seen cybersecurity actions lately?


You probably know that technology stocks have been difficult. More than 40% of Nasdaq shares have been halved in the last few months.
But that’s another story if you look at the world’s largest cybersecurity stocks.


Here’s the $ 57 billion cybersecurity giant Palo Alto Networks Inc. ( PANW):



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Look at Leidos Holdings Inc. ( LDOS), one of the largest US government cybersecurity contractors:



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Also look at Check Point Software Technologies ( ЧКП), another giant cybersecurity software company:



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Most of the stocks related to technology have plunged into the bear market. However, cybersecurity stocks are at a record high or close to it!


I bet cybersecurity firms secretly love it when news of a major hack hits the headlines. It’s like free advertising of their services, and it can also affect the value of their shares.


See how every action jumped in late February when Russia launched an offensive.



It was a record year for the number of cyberattacks


The FBI estimates that Americans lost more than $ 4 billion to hackers last year.


Los Angeles Port CEO Gene Seroka recently told Bloomberg that the port now stops 40 million cyber threats every month.


The world’s three largest companies, Nvidia ( NVDA), Samsung and Microsoft IFFT) have been hacked in the last few weeks. These organizations spend tens of millions of dollars annually to strengthen their cyber defense. They have some of the most complex networks in the world. However, hackers still cut their nets like a hot knife through oil.


Two years ago, the Bloomington County School of Illinois paid $ 5,000 for cyber insurance … This year, his bill has quadrupled to $ 22,000.


The market for self-insurance against cyber attacks has grown from zero to $ 15 billion a year over the past decade, and the cost of cyber insurance is now skyrocketing. A study by consulting firm Marsh shows that in the fourth quarter of 2021 alone, insurance premiums in the US jumped by 130%.



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What gives?

Cyber ​​insurers make money when companies take out insurance and then avoid hacking. But now everyone will be hacked.


Also, being a victim is not cheap. A new IBM report shows that the average cost of hacking data last year jumped to a record $ 4.2 million.


If you are hacked, you will have to hire expensive cybersecurity experts to find and fix the problem, and you may even need to snatch and replace all of your computer systems.


Victims turn to insurers to cover costs that then cost billions of dollars.



Imagine if someone robbed $ 5 million in cash in a bank


It would be pasted in all the newspapers of the world.


However, hackers usually steal millions of dollars and you never hear about it. In fact, according to Cybersecurity Ventures, cybercrime cost companies $ 6 trillion in 2021.


Because cyberattacks occur through a computer screen, they seem “less real” than, say, someone who robs a bank, but the consequences of hacking are very real. Longtime RiskHedge readers who read my Florida lawyer story know a cyber attack can literally ruin your life.


Hackers can steal your money, ruin your credit, gain access to your secrets and ruin your reputation by accepting your identity.


Here is my guide № 1 for you.


First, don’t think “it won’t happen to me”. Hackers have infiltrated the most secure networks on the planet. They target millions of Americans every year. If hackers nominate you … you better believe they’ll find a way.


Call your homeowners insurance provider and ask if your policy covers cyber attacks and identity theft. If not, ask if the provider offers it as an app. If you get another “no”, contact one of the major insurers such as AXA, AIG or Chubb that offer this service.


I’ve recommended cyber insurance to you before and I’m knocking about it again. Closing yourself from hackers is more important than buying any stocks that I or anyone else would recommend.


Imagine spending days and maybe weeks clearing up a mess from a cyber attack. You will have to cancel the cards, change passwords and fight fraudulent charges.


When I first recommended taking out cyber insurance, my colleague added it to his existing plan for just $ 1 a month. Probably more expensive today. As I said, cyber bonuses are outrageous.


Even if it costs 100 bucks a month, you should have cyber insurance. This ensures that you will not bear the brunt of the cost when hackers collide.


You can get an offer online from insurers such as Liberty Mutual. They will reimburse you up to $ 25,000 for lost wages and expenses. Like any insurance, you hope you never take advantage of it. But one day it can save you tens of thousands of dollars.




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Stephen McBride is the chief analyst at RiskHedge.


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Stock News Contributor: Stephen McBride


Source: Stock news

Share price data is provided by IEX Cloud with a 15-minute delay. Chart cost data is provided by TradingView with a 15-minute delay.


DISCLOSURE:
The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views equities.com. Readers should not view the author’s statements as official recommendations and should consult with their financial advisor before making any investment decisions. To read the full disclosure, go to: http://www.equities.com/disclaimer.







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