Cyberattacks are not just a problem for large companies. The digital transformation of companies, driven by the pandemic in 2020, has meant that our business fabric, from large companies but also SMEs and the self-employed, has never been as exposed to cyber risk as today. As businessmen and professionals we must be aware that, just by having a website, a dataphone, being connected to a server or simply an email, we can be victims of a cyber incident.
The consequences of suffering a cyber attack can be disastrous for the business. Leaving aside reputational damage, it is necessary to highlight that the economic damage suffered sometimes endangers the continuity of a company. According to the 'Microenterprise Cyber Preparedness Barometer 2021', published by the specialist insurer Hiscox, among those Spanish companies with up to 9 employees that have suffered cyber incidents in 2020, the average annual cost it has generated is almost €30,000.
This amount may not seem very high compared to the cost of a cyberattack for the average business community. However, we just have to contextualize this figure in the budgets we manage and assess the impact it would have on our business.
How do cyber attackers access my systems?
Once we know how a cyber incident can affect us, it is important to know how a cyber attacker can reach a company and cause that feared damage. First of all, we have a very relevant piece of information: according to Hiscox, 55% of the claims they had to manage in 2020 were due to accidents or human errors. In addition, the company also revealed that 7 out of every 10 claims of its policyholders in 2020 were caused by only 3 causes: social engineering (39%), attack on the supply chain (21%) and compromised corporate email (10%). Completing the list of most frequent sources are remote access, accidental sharing of information, the loss of physical devices and malicious actions carried out from within or by former employees.
In addition, the insurer also warns of the exponential growth of ransomware (data hijacking for which they ask us for a ransom). Our company, no matter how small it may be and no matter how incredible it may seem, can also be the victim of an attack of this type and we may be forced to pay a ransom to have our data returned to us.
How can I protect my business?
Raising awareness about the possibility of suffering a cyber attack is the first prevention measure for companies, especially SMEs, as well as training their employees in cybersecurity.
Likewise, we consider the transfer of cyber risk to an insurance product or coverage to be essential. From our brokerage we recommend having the support of a policy specialized in this type of risk; There are various solutions on the market that can adapt to your needs, some of them offering not only financial coverage in the event of a cyber attack, but a much more complete solution that includes employee training programs, risk assessment or access to preventive technology. Don't hesitate to contact us!
