I suppose that talking about cyber risk, for many people, may still sound like science fiction, but nothing is further from reality. Currently, every day, in Spain alone, there are 400 cyber attacks and all of them are aimed at companies.
But what is Cyber risk?
Cybercrime is when a hacker, usually for economic reasons, attacks the computer system of his victim, which entails economic loss, partial or total interruption of business activity, theft of information with cyber extortion and finally also damage to reputation.
Cyber attacks are becoming more and more dangerous, as hacking techniques are more complex and difficult to predict. Until recently, attackers used software called malware that carried a virus that damaged the entire system. Now there are many more and they have different ways to achieve their goal. For example, the phishing method, which consists of impersonating someone’s identity and thus obtaining information about credit card or bank account passwords.
Given that it is cybercrime, I suppose the next question to ask is: Why do I need cyber insurance? Could my company cope with a cyber attack? Could it cope, for example, with business paralysis or extortion due to theft of information?
Recovering from an attack can cost a lot of money, the average cost per attack is €50,000, and 60% of companies that have suffered a cyber attack have to close about 6 months later. For this reason, it is highly recommended and depending on the activity of your business, it is essential to take out Cyber Protection insurance.
In addition to other insurance for self-employed workers, this insurance designed for companies and online businesses is suitable for being protected against any incident of this type. At Assap we are very clear about this, and prevention is the best way to protect your business. By taking out our cyber protection insurance we guarantee maximum security, since we have some of the following coverages: protection against theft, extortion, losses due to interruption of activity or data leakage, coverage for damages, and other problems that may arise from a cyber attack. We have experts in preventive services and risk analysis with 24-hour service, 365 days a year.
In addition, our insurance includes a free package of additional services to make your life and work easier.
24-hour cyber support.
. Protection software.
. Backups.
. Web, internal and external network vulnerability analysis.
Legal recommendations on data protection.
. Social media reputation analysis.
. Cyber protection recommendations.
If you are self-employed, freelance , or a business owner and you have your activity in Andorra, don’t think twice. Still have questions? Here are some examples of everything we can do for you and your company:
. Ataque cibernético: Si un pirata informático entra en tu sistema e impide acceder a tu ordenador, restauramos el sistema para que puedas seguir trabajando.
. Robo de datos: Si roban los datos personales de tus clientes, investigamos el origen y el alcance del incidente, y gestionamos las reclamaciones que puedan derivarse. A parte te ayudaremos a tener una excelente protección de datos.
. Responsabilidades: Si un empleado publica, información sensible como despidos, datos bancarios o médicos, nos hacemos cargo del coste de solicitar la retirada de la información y gestionar las posibles reclamaciones.
. Paralización de negocio: Si por un ataque cibernético, se ve obligado a suspender su actividad, asumimos las pérdidas económicas durante el paro de actividad.
. Extorsión: Si secuestran o suplantan su página web, la recuperamos y la restauramos.
. Fraude: Si hackean los datos de las cuentas bancarias para robarte dinero, te devolvemos la cantidad que hayan robado.
Neither small, medium or large companies are free from being attacked, just ask Facebook and Google : A real case of cybercrime:
“This is how a Lithuanian hacker swindled Facebook and Google out of 100 million euros”:
Last March, the US courts ordered the arrest in Lithuania of a citizen accused of defrauding two technology giants of 100 million dollars (about 92 million euros). At the time, the number of those affected was not revealed. But now, a month later, it has come to light that Facebook and Google were the ones who fell into the trap.
They used phishing, the impersonation of a third party, to pass themselves off as an Asian supplier. It all began in 2013, when the detainee wove a network of emails, voice messages and fraudulent stamps to pass themselves off as a well-known Asian manufacturer with which both companies had a relationship and did business. The idea was to make them pay for computer equipment. For a couple of years, the scheme worked out well and the departments of these two companies made million-dollar payments. Much of the money has been recovered, although only Google in its entirety according to statements made to Fortune. Source: La Vanguardia 04/29/2017.
So if you want to keep yourself, your clients and your company safe, having this insurance will be the essential way. Invest in educating your employees, and hire the cyber protection product.