What is cybersecurity?
When your computer or IT system is not properly protected, you are at risk of a cyberattack. This can take the form of confidential data theft, encryption of your information, website malfunction, or even a ransom demand. Given that IT devices play an important role not only in the professional world but also in our private lives, it is essential to properly secure the data stored on these devices. To do this, you can take out a cyber insurance policy with a specialist organization such as the RGF Group. Before learning more about this type of insurance, it is necessary to understand what cybersecurity and cybercrime are.
According to a simple definition, cybersecurity is a field that involves protecting servers, mobile devices, and computers from attacks by hackers or malicious individuals. Since these various pieces of computer equipment are constantly connected to the internet, it is easy for hackers to breach the security of your computer system. To be clear, cybersecurity is a very vague term, as it concerns both mobile devices and networks within a company.
In principle, the objective of cybersecurity is to implement effective solutions for protecting user privacy. This security must always be present from the generation of data to its disposal. For information, cybersecurity comprises many categories, namely:
- application security;
- network security;
- data protection;
- operational safety;
- educating individuals about the existence of viruses and ransomware.
Cybercrime: what exactly is it?
As its name suggests, cybercrime is a type of crime that takes place in the digital world. The individual who commits this type of offense, known as a hacker, is therefore a cybercriminal. Using a computer, they can easily obtain personal information from a company or individual. It is important to note that cybercrime takes many different forms, including attacks on devices or computer networks and the misuse of your data. Most of the time, these crimes involve malware, viruses, email phishing, identity theft, or cyberbullying.
As a result, cybercrime has become a significant threat to all internet users. If you are not careful or make a mistake, you risk introducing malicious software into your computer system. Furthermore, this type of crime also has a major impact on the professional world, both for freelancers and companies. According to recent statistics, around 95% of ransomware comes from email. If your employees are not careful, this virus could encrypt the files stored on their devices.
Who is affected by cybersecurity?
It is important to note that cybersecurity concerns all Internet users. Whether you are a business owner, a self-employed professional, or a freelancer, it is strongly recommended that you take out cyber insurance. If you ever face a cyberattack, you will lose both money and customers. The damage will be financial, operational, and to your online reputation. According to the GDPR or General Data Protection Regulation, you can be fined up to 4% of your turnover for each complaint.
Every year, the number of ransomware attacks and computer hacking incidents continues to rise. In 2021, more than 80% of Belgian companies are targeted by cybercrime, while 8 out of 10 companies do not have adequate protection against these attacks. To reduce these risks, all staff must have IT skills. However, to reduce your expenses in the event of a cyberattack, the best solution is to take out cyber insurance with the RGF Group.
Why insure against cyber risk?
On average, a cyberattack can cost you $329,000. The factors taken into account are:
- the intervention of an IT expert;
- the costs of notification to regulators and customers;
- attorney's fees;
- expenses related to crisis communication;
- payment of the ransom to prevent the disclosure of confidential information;
- damages to the employees and customers concerned;
- credit monitoring of the affected data.
With cyber insurance, you can avoid paying this huge sum. By taking out cyber risk insurance, certain penalties can be covered by the insurer. Another reason to take out this type of insurance is that cyberattacks are becoming increasingly frequent. To avoid any regrets, it is best to take precautions with cyber insurance. This policy also allows you to demonstrate to employees and customers that their personal data is in safe hands.
Contact the RGF Group to take out cyber insurance
As a reminder, the RGF Group is an insurance broker in Belgium. As such, our goal is to find a comprehensive solution to insure you in the event of a cyberattack. Specializing in wealth creation and protection, this company will help you find insurance against cyber risks. This insurance is intended for all types of organizations, including independent professionals, businesses, liberal professions, medical professionals, etc.
In general, cyber insurance will cover all risks relating to IT equipment and networks within the organization. Among the items covered are:
- misuse of data;
- ransomware;
- attacks on the computer server;
- operating losses;
- additional operating costs;
- property damage;
- the various fees to be paid.
