Cyber-risk: an exponential threat
The development of digital technologies makes it possible to continually improve work processes, but at the same time brings its share of dangers. The digitisation and proliferation of data intensify risk-taking on a daily basis. To counter this threat, the majority of insurers offer ad hoc contracts for the risks of cyberattacks.
A cyberattack, an act of computer abuse, can take many forms and have serious repercussions for a company`s activities and image. A simple virus, hacking, spying, data theft, employee malevolence or negligence, attempted cyber extortion, economic or industrial cyber espionage – all cyberattacks have become an indisputable reality, regardless of the sector of activity.
Any company managing personal data will sooner or later be confronted by the problem of computer security. Current computing devices can be hacked, overloaded with requests or disabled, and this vulnerability can lead to business failure.
What are the risks?
Cyber threats are multiple and can serve different purposes:
- Violating the confidentiality of a company: a malicious act or human error (security breach, loss of a computer…), theft or loss of data can have serious consequences for a company.
- Paralyzing the computer network and thus blocking a company`s resources.
- Attacking an e-commerce site by denying service and blocking it from any activity.
- Tarnishing a company`s image and damaging its (e-)reputation by spreading rumours, negative opinions, etc.
- Extorting funds by demanding ransom money to prevent the release of sensitive information.
Data piracy is a real challenge for businesses, local authorities, public services and government departments, the favourite targets of cyberattacks. In Monaco, the resurgence of scams called “to the president" is worrisome for public safety. The Ministry of Interior specifies that “between October 2013 and June 2014, 46 scams and attempted scams on the president were committed against Monegasque companies; 23 were the subject of a complaint and three resulted in significant financial harm”.
A sovereign decree of December 2015 created the Monaco Cybersecurity Agency (equivalent of the French National Cybersecurity Agency, or ANSSI). Its tasks relate to the prevention, detection and handling of cyberattacks on Operators of Vital Importance in the Principality.
How to protect yourself ?
The first step is to identify threats and set up prevention campaigns with organizations and users. The aim is to describe the risks, anticipate them and evaluate the damages.
The second step involves the implementation of powerful tools to increase the security of IT systems and the taking out of dedicated insurance to protect the interests of the company and its employees.
Exposure to risk is never the same and therefore requires tailor-made measures. Most insurers collaborate with companies specializing in risk prevention to support their insured clients according to their needs: risk diagnosis, real-time audit, recommendations, data monitoring, etc.
How to act?
By taking out a dedicated insurance contract to benefit from personalized support and immediate assistance in a crisis situation.
In the event of a cyberattack, the insurer may:
- Undertake expert assessments and IT support
- Perform malware removal actions
- Correct affected or corrupted data
- Formulate recommendations for the protection and security of IT systems
- Appoint specialists to manage the financial consequences and the company`s (e-)reputation (e.g., loss of turnover, notification fees)
By organizing prevention campaigns with employees to adopt simple but essential actions to ensure the security of computer data. Some insurers set up training courses with specialized stakeholders.
For more information, contact one of our experts for a personalized study of your cyber risks.