Types of Cyber-Risks and How to Prevent Them

Key Points

1 A cyber risk is any sabotage or attack against IT systems that can cause operational, legal, and financial losses.

2 The main types of cyber risk include malware, phishing, SQL injection, denial of service, BEC, and credential-based attacks.

3 Cloud risk arises when insecure configurations and permissions expose data and enable unauthorised access.

4 Preventing cyber risks requires technical measures, backups, access controls, training, and regulatory compliance.

5 Cyber insurance helps manage cyber risks with expert support and cover to respond to and reduce the impact of an incident.

Any deliberate sabotage against the computer systems of a company or an individual is considered a cyber risk. In practice, we talk about cyber-risks that can range from the theft of credentials and sensitive data to system lockouts, business interruption, or financial fraud, with direct effects on day-to-day operations, client trust, and regulatory compliance.

Furthermore, these cyber risks don’t just affect large companies. Digitisation, remote working, heavy use of email and cloud tools, and reliance on technology providers have all increased the exposure of any business. That’s why knowing the most common types of cyber risks and understanding how to prevent them is an essential step in reducing the likelihood of having an incident.

Against this backdrop, at RibéSalat we offer cyber insurance solutions for companies with protection tailored to each type of activity. Let’s take a look at the main types of cyber risk!

What are the main types of cyber risk?

These are the most common cyber risks currently faced by both companies and users in general:

Malware

This term is used to describe various forms of harmful software, such as viruses or ransomware. The modus operandi of these attacks is always the same: a malicious virus is introduced into a computer, system or network without the user’s consent for different purposes: to destroy or steal data or information of all types, disable computer software, block a network, etc. This type of cyberattack can have catastrophic consequences.

Phishing

This refers to the risk of someone impersonating your digital identity, in most cases by obtaining login details and passwords, with all the consequences this may entail: the sending of fraudulent emails, unauthorized banking transactions, destruction of files, data theft, etc.

SQL Injection Attack

This is a specific cyber risk affecting SQL servers. SQL is a programming language that is increasingly used by companies to store highly sensitive personal information: banking details, credit cards, personal passwords, etc. Malicious code is introduced to carry out these attacks.

Denial of Service (DoS)

This is a sophisticated attack method that involves overloading a server with excessive traffic to a website, ultimately preventing the service from functioning. The damage to the company can be significant in terms of financial losses and may also trigger a crisis due to reputational harm or loss of client trust.

Business Email Compromise (BEC)

This involves the taking control of a corporate email account or the convincing impersonation of an executive, vendor, or client in order to request payments, change bank details, or obtain sensitive information. It is a particularly dangerous attack because it relies more on deception and urgency than on complex techniques, and often results in fraudulent transfers that are difficult to recover.

Credential stuffing / brute-force attacks (password reuse)

This cyber risk is based on testing automatically combinations of usernames and passwords, usually obtained from previous data breaches, until access to real accounts is gained. Brute-force attacks try multiple possible passwords, while credential stuffing exploits the fact that many people reuse passwords across different services. When successful, the attacker can access emails, admin panels, or critical applications without the need for malware.

Exploitation of vulnerabilities (unpatched software)

This occurs when an attacker takes advantage of known security flaws in operating systems, applications, plugins, or servers that have not been updated. If a company delays patches or maintains outdated versions, it leaves open doors that can allow anything from data theft to ransomware installation. It is a very common risk because it often depends on a shared factor: poor maintenance of the technology environment.

Cloud risk (insecure configurations and excessive permissions)

This covers incidents caused by incorrect configurations in cloud services, such as overly broad permissions, uncontrolled public sharing, or accounts without strengthened access measures in tools such as Microsoft 365 or Google Workspace. In many cases there is no classic “hack”: a misconfiguration or weak access control is enough to expose information, allow unauthorised access, or enable attackers to move within the environment.

Third-party risk (suppliers and the supply chain)

This arises when a security breach affecting a vendor, platform, or partner ends up impacting your company, whether through shared access, integrations, data exchange, or operational dependence. This type of cyber risk is particularly sensitive because it is not always directly under your control: your own security may be strong, but a weakness in a third party can open the way to data theft, service disruption, or fraud.

How to counteract the different types of cyber risk

Cyber risks exist, are frequent, and are becoming increasingly innovative, sophisticated, and damaging. This means that IT security is now one of the major challenges facing any organisation. To counter cyber risks, it is essential to implement a strategy based on the following pillars:

Vulnerability analysis, in equipment, software and networks
Installing and updating the relevant protective software: antivirus programs, firewalls, web filtering, etc.
Making good quality backups at appropriate intervals.
Complying strictly with applicable data protection and cybersecurity laws.
Implementing the necessary preventive measures: training and raising awareness of employees in the field of IT security, implementing effective, well-structured and hierarchical protocols for accessing information, and other measures.

What are the three most common cyberattacks?

Below are the three main cybersecurity attacks affecting businesses:

1) Phishing (impersonation)

This is the most common attack and one of the most impactful. The attacker poses as a legitimate entity (bank, supplier, insurer, courier company, or even a colleague) to get the victim to click a link, download a file, or provide credentials.

Typical warning signs: urgency (“final notice”), subtle errors in the sender’s domain, shortened links, or requests to verify passwords or bank details.

2) Ransomware (data extortion)

This involves encrypting an organisation’s systems or files to block operations and demanding payment in exchange for the decryption key. It is often combined with double extortion: in addition to encryption, attackers threaten to publish sensitive information.

Typical impact: operational disruption, loss of productivity, slow and costly recovery, and legal risks if personal data is compromised.

3) Malware and trojans (including infostealers)

This category includes malicious programs that are installed to steal information, spy, open a backdoor, or take control of a device. In recent years there has been a rise in infostealers, which capture passwords, session cookies, and browser data.

Common entry routes: fake downloads, malicious attachments, fraudulent browser extensions, pirated software, and tampered updates.

ciberriesgos cyber-risks

IT security is a complex issue, involving legal issues together with infrastructures and technical resources, as well as adequate training and employee involvement. Nothing can be left to chance when it comes to cybersecurity, and letting your guard down can prove very costly.

Pirates and hackers are constantly devising new ways to supplant people’s identities, erase important information, disable equipment and steal third-party data for illegal purposes. For this reason, to achieve the best levels of security, you must always stay one step ahead of them and use this advantage to plan and implement comprehensive, robust digital security strategies.

Real preparedness and response

Keeping up to date with cyber risk trends and protection systems against cyberattacks is not easy, but it is essential to ensure a high level of digital security. In addition to technical knowledge, it is vital to have the appropriate human, material, and technological resources to carry out cybersecurity audits and initial assessments, identify vulnerabilities, evaluate risks, and then select, implement, configure, and maintain the most effective protection solutions and mechanisms.

For all these reasons it is highly advisable to rely on experts while also taking measures to mitigate the consequences should the adopted measures prove insufficient.

Transferring the risk to the insurance sector is a good solution, because it makes the greatest cybersecurity experts available to your company, responding to any computer incidents that may occur and, if an attack cannot be avoided, the insurer will deal with the financial consequences.

At RibéSalat, we are ready to help you protect your business from the main cyber risks with a cyber insurance solutiontailored to your activity and level of exposure. We support you from prevention and initial assessment through to incident response, helping you reduce the operational, legal, and financial impact of an attack and return to normal as quickly as possible. Contact our team and we will advise you on defining the most suitable cover for your company.

FAQs

How can I tell if my company is under attack?

This is usually noticeable through operational and security signs that do not match normal activity: unexplained spikes in activity on devices or servers, sudden slowness, system lockups, logins at unusual times, antivirus or EDR alerts, repeated failed login attempts, new users created without authorisation, or changes to permissions. Other indicators include unusual website redirects, emails being sent that no one recognises, or anomalous activity in cloud tools. If these signs repeat or occur together, they should be treated as an incident and the internal response protocol should be activated.

What signs indicate that someone has accessed my corporate email without permission?

Typical warning signs include: forwarding rules created without reason (to external accounts), changes to signatures or automatic replies, emails marked as read or archived that no one has touched, logins from unknown locations or devices, verification or MFA requests that no one initiated, and messages sent from your account that you do not recognise. It is also common to see attempts to “change bank details” sent to suppliers or urgent payment requests, even written in the usual style of the sender, because the attacker has read previous email threads.

What should I do in the first 30 minutes after detecting a cyber incident?

The priority is to contain the incident without destroying evidence: isolate affected devices from the network (without shutting them down unless necessary), block or reset compromised credentials and revoke active sessions, enable MFA if it was not already in place, and stop transfers or critical processes if fraud is suspected. Notify the internal lead (IT/security/DPO) and immediately record the time, affected systems, and what has been observed. If you have external support or cyber insurance, contact them as soon as possible to coordinate forensic analysis and recovery.

When is it mandatory to notify a data breach to the AEPD and to those affected?

In general, you must notify the Spanish Data Protection Authority (AEPD) when a personal data breach is likely to pose a risk to individuals’ rights and freedoms, doing so without undue delay and, where possible, no later than 72 hours from when you become aware of it. In addition, if the risk to those affected is high, they must also be informed without undue delay, with clear information about what has happened and what measures they can take. If not reported, it is advisable to document the risk assessment and the reasons why, as this may be requested.

What documents and evidence should be kept for an investigation and a claim?

It is advisable to keep anything that helps reconstruct the incident: access logs for email, VPN, cloud services, and systems; antivirus/EDR alerts; screenshots of messages or warnings; full headers of suspicious emails; links and attachments (without opening them); a list of detected changes (users, permissions, forwarding rules); and a timeline detailing times and decisions taken. It is also useful to keep invoices and related costs (downtime, suppliers, recovery, communications), as well as communications with suppliers or clients and any formal complaints or reports if applicable.

How can the risk of bank transfer fraud be reduced in day-to-day operations?

The key is to secure the payment process: validate any change of bank details through an alternative channel (call a verified number, not the one in the email), apply dual approval for transfers and amount limits, and use whitelists of beneficiaries with verification. Strengthen email security with MFA and alerts for forwarding rules, and train staff to be wary of urgent requests, last-minute changes, and requests that fall outside established procedures. If you work with vendors, agree in writing on the protocol for bank detail changes and keep an internal record of any checks made.

Cyber-risks and how to counteract them