In the age of the Internet and high technology, mobile phones and computers have become indispensable companions in our daily lives and essential tools for work or study, for communicating with other people and for keeping us informed about what is happening in the world.
However, although they are extremely useful tools, their use carries certain risks, some of them especially problematic. This is the case of cyber risks and cybercrime. To fight cyber risks, there are high-quality cyber risks insurance on the market.
Do you need cyber risk insurance in Tenerife? Euroteide Insurance is an insurance consultancy located in the southern area of Tenerife and that, with more than 24 years of service to the client and vast experience in the insurance sector, will find the best Cyber risks insurance for you.
What are cyber risks?
Each filtering bag cyber risks are those risks affecting computer systems and the information contained therein, assuming a serious danger for companies and individuals, given the widespread use that is made today of smartphones and other advanced technologies.
Cyber risks are not only attacks carried out by hackers, unfair competition or damage to a computer or mobile phone is also included within cyber risks.
Therefore, it is essential to know what the most common cyber risks are and how to combat them to keep our computer systems safe, since cyber risks can result in attacks that cause significant economic damage or affect reputation and image of the company or the public image of a specific person.
How cybercrime works
Cyber criminals can carry out attacks on computer and technology systems through the following techniques:
- Hacking: Hacking consists of the theft of data or the use of blackmail and ransoms to damage computer systems and achieve financial gain.
- Malware: through a virus, computer systems are damaged.
- Social engineering: In this case, the user is tricked into carrying out some action that achieves an economic profit for the cybercriminal.
Cybercrime can have serious effects on the economy of a company, and can jeopardize the continuity of any business or entity, as well as seriously damage the reputation and image of a company.
Companies take these risks into account, so it is not surprising that many decide to take out cyber risk insurance to cope with losses in the event of an attack of this type, especially considering that security breaches have been increased significantly, costing SMEs more than 100 euros and large companies more than one million euros.
What are the most common cyber risks
The most common cyber risks are the following:
- Ransomware: Consists of infiltrating computer systems to encrypt or damage them, and then request a ransom that is usually paid in bitcoins.
- Phishing: Consists of the identity theft of a web page, creating confusion to carry out the theft of sensitive or confidential information, such as bank account data.
- Advanced Persistent Threat or APT: Consists of attacking an organization to infiltrate its computer systems and steal sensitive information or cause damage to its technological systems.
- DDoS attack: Consists of causing the collapse of computer systems to prevent other users from using them, and then request a ransom to restore the service.
What recommendations should we take into account to reduce the risks of a cyber attack
It is essential to prevent cyberattacks so that we do not have to regret later economic losses or irreparable damage to our public image that could mean the end of our business. Thus, it is important to follow these measures:
- Safety culture in the company: It is essential to establish a series of security standards and protocols regarding the use of computers, email, databases, applications or own devices such as tablets or mobile phones.
- Inventory of computer security risks: it is necessary to make a relationship with the computer risks that may be affecting your business or company, so that the information to be protected can be determined.
- Protected devices: All electronic devices must be protected with updated firewalls and antivirus, as this is the only way to prevent anyone from accessing them clandestinely.
- Passwords: It seems obvious, but having a complex password and updating it from time to time is essential to protect ourselves from cyber attacks.
- Cyber risks insurance: Without a doubt, although it is necessary to take measures to avoid receiving a cyberattack, it is also essential to be covered in case this happens. Thus, a great option is to hire a good cyber risk insurance that minimizes cyber attacks and economic losses in case of suffering any of these damages.
What does cyber risk insurance cover and why take it out?
Cyber risk insurance covers the company's own damages that may be suffered through a cyber attack and the economic losses suffered by third parties derived from it. Thus, the coverages of a Cyber risks insurance are the following:
- Own damages of the insured company: the insurance covers the theft or loss of data, as well as economic damages and denial of service.
- Restoration costs of the access control system to the computer server.
- Malware decontamination costs (virus with which the cyber attack is carried out).
- Compensation for loss of income due to cyber attack.
- Economic damages caused to third parties by the alteration, theft or destruction of data.
- Data recovery costs.
- Legal defense.
- Cost of fines for breach of the Organic Law on Data Protection or the Law on Information Society Services.
Without a doubt, it is a very good idea to have a good cyber risk insurance that shields your company's computer systems. To do this, trust Euroteide Insurance, professionals in the insurance sector with more than 20 years of experience, finding the insurance that best suits your needs in Tenerife.