In the past, companies and organisations invested in security to protect their physical assets, but in a world as digitalised and hyperconnected as ours it is also of vital importance to safeguard their networks and systems.
What is cyber-risk?
Cyber-risk is becoming increasingly common: we all have or work with mobile phones, computers, servers and tablets that are connected to networks and are susceptible to attacks of this kind.
We can be victims of online data theft, which will have a disastrous effect on our organisation’s future, due to loss of information, extortion, network sabotage, identity theft or the falsification of documents.
In addition to irreparable damage to your company’s image, a case of personal data theft, to give a frequently recurring example, may mean that, in addition to having suffered this attack, you will be sanctioned by the Spanish Data Protection Agency, and have to pay a fine ranging from 40,000 to 600,000 euros.
How can I avoid/minimise the effects of a cyberattack on my company?
One data protection tool that is already vital for businesses of virtually any size in any sector, is cyber-risk insurance.
Is it only for large companies?
A cyber-security breach or data leak can lead to serious chain effects, and large companies have quickly become aware of this and conscientiously shielded themselves against the risk. For this reason, SMEs, individuals and institutions that have not taken measures to address this type of attack are the main targets of the cybercriminal.
Contrary to what is widely believed, SMEs and micro-enterprises which view themselves as small, low-profile players who are unlikely to suffer such an attack are precisely the victims preferred by attackers, because they tend to neglect essential aspects such as the creation, dissemination and monitoring of basic security protocols, or the training of their employees in the use of corporate computer systems. Because they do not take preventive measures.
Furthermore, most cyberattacks do not come from outside. Data leaks and data theft are often the result of negligent or malicious behaviour by employees themselves. It is estimated that in 70% of cases the attack comes from within the company.
Precisely for this reason, to avoid data theft, IT problems, reputational and financial crises and issues affecting the Board of Directors, companies should take out cyber-risk insurance as soon as possible: this provides the essential cover you need for greater peace of mind.