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The recent global cyberattack highlights the need for companies to invest in risk insurance against cyberattacks

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Published on Tue, 23/01/2024 - 11:11
Category: Cyberinsurances

The recent global attack against organizations and governments in 150 countries has highlighted the vulnerability of electronic systems. Although we hear about this topic in the press frequently, cybercrime is a relatively new phenomenon, and only a few companies are prepared to face its catastrophic consequences.

Microsoft has issued an appeal regarding the latest attack, which began to spread on May 12, 2017, denouncing the lack of preparation and blaming the respective governments for storing data in vulnerable software, which is easily accessible to experienced hackers. The United Kingdom's National Health Service (NHS) was affected, resulting in the suspension of operations, appointments, and some hospital employees were unable to access their computer systems.

As cybercriminals become increasingly sophisticated, it becomes more difficult for companies and individuals to protect themselves against these acts, leading to the need for tailored cyber insurance. Currently, most insurance policies do not cover these types of attacks, which could have a devastating impact on your company's reputation and revenue. In 2016, in Spain alone, 32% of companies suffered some type of cyberattacks.

The costs associated with cyberattacks vary greatly, depending on each case, and you could face the following expenses:

  • Leaks costs
  • Crisis Containment
  • Disruption of trade networks
  • Cyber extortion
  • Computer damage
  • Privacy protection

Companies like yours are putting increasing effort into protecting themselves against these types of attacks through insurers with coverage against cyber attacks. These covers can be applied and tailored to your field of trade and represent great value for money. In the event of an attack or if you fall victim to a hack, this coverage can prove to be an invaluable investment. This coverage not only provides protection for first and third party losses, but also the urgent and critical assistance that is required in the first 24-48 hours after the attack.

Contact Op de Beeck & Worth today to learn more about cyber insurance. Call us at 952 882 273 or send us an email





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