Cybercrime Insurance
Cybercrime is not new; it has existed since the creation of the internet. However, it has increased significantly in recent years. Some experts even say that it has exploded since the coronavirus pandemic.
With the rise of remote working, the population has become entirely digitalized and therefore more vulnerable to cyberattacks. Employees no longer connect solely via work computers; they use their phones, tablets, and personal computers. These practices increase exposure to potential hackers.
Did you know that in Belgium there are more than 30 reports of cyberattacks every day?
What is cybercrime?
It is a person or group of people who target or use a computer, computer network, or computer device for malicious purposes.
Most of the time, their goal is to steal information or content from you and then demand money to return it. In other cases, they steal your data to sell it.
It is also possible that some criminals may damage your computer for the sole purpose of harming you or simply for fun.
There are several types of cybercrime, among the best known are:
- Fraud on websites
- Email fraud
- Cyber espionage
- The theft and sale of business-related data
- Theft of bank details
Best practices to avoid having your information stolen:
Cybercriminals are becoming increasingly effective and ingenious in achieving their goals. It is therefore important to be aware of their practices and to learn about the right reflexes to have:
Here is a non-exhaustive list of everyday actions you can take to protect yourself online.
- Use an effective antivirus program
- Create long, different passwords for each site
- Regularly update operating systems and software
- Pay attention to your bank statements
- Beware of malicious websites
- Do not click on suspicious links
- Only share your personal information when the transaction is secure.
For more information on best practices, visit the Belgian Cybercrime Center.
How can you protect yourself against cybercrime? Cyber insurance?
Since 2018, the GDPR has ruled that companies are criminally liable for problems caused by data leaks.
Cybercrime has grown enormously with the advent of new technologies. Unfortunately, it is mainly small businesses and the self-employed who are victims of this type of attack. Nearly 62% of attacks target SMEs. This is because they do not always have the financial resources or the best technological defense systems. They therefore face a multitude of risks.
Imagine that a hacker breaks into your databases and steals a lot of sensitive information. Or that they introduce a virus that paralyzes the system and therefore part of the company.
The best solution for protection is to take outcyber insurance. Thisinsuranceprovides protection against damage to your own property and damage to third parties, 24 hours a day, 7 days a week.
Here is an example of coverage offered by cyber insurance:
- Own damage
- Comprehensive review of the cyberattack.
- Operating losses and fixed costs during the period of business paralysis and costs for the continuity of the company.
- Removal of pirated software and restoration of company data
- Damage to third parties
- Issues related to a cyberattack where the insured is liable
- Problems caused by the insured party violating GDPR rules
There are many types of cyber insurance coverage available to provide the best protection against these hackers. Make an appointment today with an RGF advisor to discuss it!
