Types of cyber incidents and their risks

Cybercriminals try to gain access to valuable, confidential business data every day. And they have many different tactics at their disposal. Ransomware is the most commonly used form of attack on businesses. Cybercriminals block your company's most important systems and data and then demand a ransom in exchange for releasing the system. There are also other ways in which cybercriminals can target your business.

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Ransomware as the most common cyber incident

In the event of a cyber attack using ransomware, your company will often lose access to the software and data you need to do your work. For example, email traffic, important documents or customer data may be blocked. If your company loses access to these, you simply cannot continue working. Your entire business comes to a standstill. But the consequences of such a cyber attack with ransomware do not stop at the functioning of your business; data loss and loss of profit are also real risks.

In other cases, ransomware can also be used to steal company data from unsuspecting companies, with cybercriminals then threatening to make this data public. In that case, your company is being blackmailed. In the context of companies' obligation to protect their business data and the regulations surrounding GDPR, this can have far-reaching consequences for your company.

Not all cyber incidents are the result of criminal activity

In addition to ransomware or hostage software, there are other tactics that cybercriminals can use to target your business. Cyber theft or hacking of telephone systems are just a few examples. The most obvious is the interception or “cracking” of passwords.

It is therefore important to use sufficiently diverse and complex passwords and to change them regularly. As a company, it is essential to train and raise awareness of this among all your employees, at all levels within your company.

However, not all cyber incidents are the result of crime. We live in a digital world in which IT is an integral part of a company. Added to this is the constant human interaction and the consequent increased risk of cyber incidents. Human error or system failure can therefore certainly cause significant damage. Opening an infected attachment, sending an email to the wrong recipient or a system failure of your hardware can also have serious consequences for the daily operations of your company.

There is no such thing as a watertight IT system

There is no such thing as 100% security. Even if your company is surrounded by the best IT professionals, the risk of a cyber incident is always present. Compare it to a house. Even if your house was designed by the best architect and built by the best contractor, it could still burn down.

What's more, cybercrime is a completely anonymous and simple form of crime. Every company is a potential victim of cyber incidents.

Cyber insurance should therefore be just as important as any other basic insurance, such as fire, accident or liability insurance. Cyber incidents are not going to disappear any time soon. In fact, they are on the rise.

Read our full report on cybersecurity via this link.