One attack by a cybercriminal could cost you thousands of dollars without the proper protection.

The Government Accountability Office shows the costs of cyber attacks to U.S. Insurers almost doubled between 2016 and 2019, costing businesses trillions of dollars along the way. Cybersecurity Ventures predicts cybercrime costs will reach $10.5 trillion annually by 2025, up from $6 trillion in 2021 and $3 trillion in 2015. During that same time period, the number of cyber policies increased by 60 percent. Paul and Julia Stoneman from Stoneman Schopf Agency in Sturgeon Bay says it has become popular with their clients because government organizations, large businesses, and small businesses have all proven to be susceptible to cyber-attacks.

The consulting group MarketsandMarkets expects the cyber insurance market to grow from $7.8 billion in 2020 to $20.4 billion by 2025. You can read more about what the federal government has done to address cyber security fears on Sunday.