Doing business in this era of digitization is much easier. First of all, as an entrepreneur you can save a lot of labor costs, and also provide fast service.The big disadvantage is that 100% secure simply does not exist in the digital world. Therefore, no matter how well you secure it, the following applies:
"If a hacker has enough motivation, he or she will come in anyway."
As an entrepreneur, nowadays you are obliged to report data breaches.In addition to reputation damage, this can also result in substantial fines. (Up to 2 million euros). After a cyber attack, the legal and recovery costs can be enormous. That is why good online security and cyber risk insurance are of great importance for all companies. Big or small.
The most common online crimes are currently:
- Hacking, where mainly private and payment details are stolen.
- Extortion, where they take website data or personal information hostage un till payment.
- Cyber attacks, with which the entire website is taken down. And / or harmful changes or viruses are added.
The biggest damages that these criminal activities cause are:
- Financial damage due to lawsuits from credit card companies and regulators, but also loss of income.
- Reputation damage due to insufficient protection of sensitive information in the eyes of the victims.
- Data loss where it usually takes a lot of time to recover this data.
Although it is never possible to prevent cyber attacks with 100% certainty, there are preventive measures.
In short, a good insurer offers support in securing your data and can also provide preventive legal advice.
Fortunately, insurance companies also keep up with the modern times and there are good solutions to cover cyber damage. In the event of a cyber attack, experts will try to repair the damage and limit any legal costs. IFAR looks at the best cyber risk insurance for your company free of charge and without obligation.