Every day, more than 350,000 new variants of cyberattacks emerge. Small companies, which have hardly any cybersecurity systems, and large corporations and companies, which can bring hackers substantial profits, if they manage to find vulnerabilities and circumvent their security systems, are the businesses currently most exposed to cyberattacks.

Cybersecurity is still an unresolved issue in the vast majority of companies, and experts consider that, in Spain alone, over 3 million companies and businesses are insufficiently protected. Indeed, many of them do not have any computer security system at all.

Cyberattacks are a potential risk in the virtual environment that often become a real threat to the company itself or to third party data, which are exposed to theft, identity theft and all types of fraudulent use.

Cyberattacks cast a long shadow and can take forms as diverse as: data theft, extortion, attacks on a website, access to customer data, identity theft and even cyberattacks on a company’s infrastructure. The consequences of a cyberattack on a company’s economic viability, prestige and brand image can be terrible.

Is it possible for companies to avoid cyberattacks?

The answer is a resounding ‘yes’, provided that the necessary resources are invested in cybersecurity, based on a well-defined strategy, divided into 3 stages:

1. Identify risks and vulnerabilities

The first step in implementing a cybersecurity strategy is to draw up a risk map where all the weaknesses in IT security are identified.

A series of realistic, self-critical assessment exercises need to be carried out to define the starting point for prevention and defence: antivirus programs, firewalls, password protection, etc., the existence of internal processes and protocols for action in the event of a possible attack, and whether they are appropriate.

The identification of the vulnerabilities detected must include both damage to the company itself and damage to third parties, via the theft of customer and supplier data, which can lead to substantial claims for compensation.

2. Choose and implement cybersecurity measures

Once the vulnerabilities and potential damage have been identified, specific measures for each potential danger must be selected and the resources (financial, personnel, technical, etc.) that will be required must be clearly specified.

At this stage, it is essential to be realistic, regarding both the company’s ability to make the necessary investment and the technical skills and time available to implement the changes, a detailed, realistic schedule for this being essential.

3. Monitor and assess the measures

Once the measures have been implemented, regular analyses must be carried out to check whether they are effective, bearing in mind that the protective software used will constantly need to be updated, as will the protocols for prevention and action in the event of an attempted or effective cyberattack being detected.

Who can help me with my cybersecurity strategy?

The introduction of a cybersecurity strategy for a company, which often also requires period of training for employees, is very complex, which is why many companies turn to insurance companies with specific IT security solutions.

The great advantage is that many of these insurers also deal with prevention. They have a special interest in avoiding cyberattacks because the damage they cause, both to the company that has contracted the service and in terms of civil liability to third parties, can be high impact and can, therefore, involve substantial financial compensation.

It is thus feasible to transfer the cybersecurity risk to the insurance sector, an option that is increasingly valued by companies, because it implies a double layer of securitypreventive security, which is the most desirable for all, and cover for adequate compensation to mitigate the consequences of an attack, if it should finally occur despite the measures taken.

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