Cybercrime and Cyber Risks Insurance
Protecting Companies from Cyber Attacks
Cybercrime has become an increasing threat to companies around the world, including in Portugal. Portuguese organisations have also been the target of devastating cyber attacks, which have resulted in significant financial losses and reputational damage.
In addition to the media companies in the news and the banks, companies from various sectors have been targeted by hackers. Remember the EDP case?
In April 2020, EDP, one of Portugal's largest companies, was the victim of a ransomware attack. The hackers demanded a ransom in cryptocurrencies in order not to disclose confidential data. Although EDP didn't give in to the demand, the incident caused disruptions to operations and highlighted the need for a strong cyber defence.
In January 2021, it was a teaching unit, the University of Porto suffered a cyber attack that led to the interruption of its online systems and services. The incident resulted in the temporary blocking of access to various platforms and servers, causing significant disruption to the university's academic and administrative activities.
In February 2022, the Super Bock Group was the target of a ransomware attack. The attack resulted in the interruption of production and distribution operations, causing financial losses and affecting the company's supply chain.
In the first quarter of 2023, according to Check Point Research, the most significant change occurred in the Retail sector, which saw the biggest increase of 49% compared to the previous year, with an average of 1,079 attacks per week.
Faced with these examples of cyber attacks, it is crucial that organisations adopt measures to protect themselves against these threats. Cyber risk insurance plays a key role in containing the financial and reputational damage caused by these attacks. By adopting robust cyber security measures and investing in the right insurance, companies can protect themselves against cyber threats and guarantee the continuation of their operations in an increasingly complex and dangerous digital world.
“What can Cyber Risks insurance offer?
- Incident Response Service provided by specialists in the containment of technological damage or data recovery
- Reimbursement of mitigation or system replacement costs
- Legal advice
- Loss of profits due to business interruption
- Assistance in cases of cyber extortion
- Assumption of possible failures and consequences in terms of the violation or theft of digital content and the prevention of data protection (GDPR).
In addition, cyber risk insurance can provide specialised support to help companies respond to and recover from cyber attacks, including crisis management services, communications and public relations support, and cyber security consultancy.”
Some terms used...:
Ransomware - malware designed to block access to data until a ransom is paid for its recovery;
Hacking - the act of taking control of a computer or computer system in order to gain access to important data;
Phishing - hackers posing as a company in order to steal personal information from its customers;
Malware - malicious software that is installed on a computer system and disrupts its use through viruses. It also allows hackers to spy on online activities in order to steal data.
Speak to your intermediary and make sure you have the right, up-to-date insurance.
Contact us - 214 131 310
jose.monteiro@grumese.pt
Grumese, always with your confidence
Protecting Companies from Cyber Attacks
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