Is your business well protected against cyber risks
Technology is at the heart of the various professions and sectors, which is why, for companies and entrepreneurs alike, cyber risk insurance has become an essential element in the exercise of their activities. It has gradually been introduced into our daily lives, whether it is to exchange emails, store the various documents in the servers, promote products and services in the various media, etc. The trend is even more confirmed when it comes to online commerce or e-commerce sites.
With such a dependence on technology, one cannot imagine becoming one if there is any incident affecting one’s cyber security. And it becomes important to plan some solutions to recover after a possible cyberattack disaster. Aware of the challenge, insurers have in recent years put in place protections adapted to cyber risks and which complement the paraphernalia of business insurance products guaranteeing more complete and optimized incident management.
Why cybersecurity insurance is essential for companies?
Cyber risk guarantees are relatively new compared to other insurance products. They are set up in such a way that they can keep up with the constant evolution of technologies. And it must be said that this evolution brings ever more risks of cyber attacks. Attackers target mailboxes and social networks such as Facebook, LinkedIn or others. But sometimes people can’t fully understand the severity of these attacks and the underlying danger, because it remains intangible unlike theft, fire or any other disaster.
Which structures use such insurance?
Several companies subscribe to this protection, they are of various sizes and from different sectors. Thus, a herbalist-horticulturist, restaurant, factory, shoe shop, car dealership or any other structure can possibly take out this insurance, for the simple reason that they have an e-commerce platform that is likely to be the target of a cyber-attack.
Other losses and incidents may be covered by such protection, including charges associated with ransomware, legal fees incurred by the organization following a lawsuit for a hack, communication expenses for media management after a computer hack as well as expenses incurred to set up an identity theft protection system.
- Train employees in cybersecurity (phishing, passwords).
- Install high-performance firewalls and antivirus software.
- Implement multi-factor authentication.
- Make regular backups of sensitive data.
- Update software and systems frequently.
Why do customers refuse cyber risk protection?
It is very common for customers to assume that they are safe from any danger, since their computer system is infallible and well protected. They believe that their technician is perfectly in charge of securing their system. Unfortunately, it often turns out that the technician in question is not a specialist and that he does not understand the dangers of cybercrime, nor the different techniques used in this direction.
Sometimes the technician sufficiently secures the computer technology, but it should not be forgotten that technological attacks are increasingly complex and more and more innovative. Despite the security system, the danger remains very present. Businesses may think that a cyber-attack only happens to others and that it is a marginal risk, but such an incident can happen to anyone at any time. No one is immune.
It is essential to insure your computer system by starting by contacting an insurance broker who can assess the risks according to the particularities of each structure in order to determine the best cybersecurity protection. The insurance will be chosen according to the real needs of the company and the value of its assets. Through such an assessment, it can be determined what needs to be protected and which situations pose a risk of cyber-attack for the structure.
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