The current increase in computer crime and the risk of cyberattacks are among the greatest concerns of entrepreneurs.
A cyber attack could lead to a financial loss for our company, the theft of confidential information, business disruption or damage to the company’s reputation.
One might think that only large, well-known companies will be affected by cyber attacks, but in fact any company with a presence on the internet can suffer an attack.
It should be noted that the scope of cyber-risk is not limited to attacks, but also includes the following points:
- Software programming failures.
- Negligence in the processing of sensitive or confidential data.
- Data hijacking.
- Disclosure of personal data.
- Disruption to production lines managed by software.
- SLAs.
This is a complex issue, as each company has its own characteristics, so it is important to carry out a study to determine the risks in each case and the best form of protection, which must be managed efficiently.
- How would your business respond to a computer attack involving a breach of data or a disruption of your systems?
- Can you access professionals to help you manage the attack and inform your customers appropriately?
- Could you assume the financial costs of an effective response?
We need to incorporate security measures in our organisation to help us mitigate the cost of liability arising from attacks or incompetence. Cyber-risk insurance offers an effective response to a cyberattack or negligence, enabling you to analyse and mitigate their effects and activate appropriate communication and contingency protocols.
Why do I need cyber-risk insurance?
Did you know that for an SME the average cost of a cyberattack is €75,000 – €311,000? This is the cost of managing an attack efficiently, but we can protect ourselves with cyber-risk insurance, which will provide the following solutions:
- Financial protection against the costs of a computer attack involving a breach of information or disruption to systems, and access to industry experts who are able to monitor and manage the situation.
- Advice and support for incident management at the time of the attack.
- Legal solutions and advice to limit reputational damage.
- Specialists in extortion to limit and manage demands in each case.
- Forensic investigation in order to report the crime.
In view of the wave of cyberattacks, it is a wise precaution to consider whether your company needs additional cover for such incidents and CIOs must bear in mind the importance of protecting sensitive data held by the company.
