The original recording of this videopodcast is available in Dutch.
Cyber fraud has changed enormously over the last ten years. Digital theft is more common than physical theft these days. When you also take into account the shift that most companies have been going through, it’s clear why claims relating to cyber crime are more common than ever before.
How does it happen? The ongoing digitisation of businesses and their processes, especially in combination with the Covid crisis, has given many cyber criminals the opportunity to target certain organisations.
The goal remains the same, though: to extract as much money as possible.
Cyber fraud and cyber crime include the following:
- Malware causes certain files to be encrypted. This malicious software is used to disrupt computer systems, collect sensitive information or gain access to your computer systems.
- Ransomware is a form of malware. With ransomware, a cyber criminal looks for the weakest link in the chain. Often, this will be your employees. They are tricked into clicking on something which gives the criminal access to sensitive data, for example, or freezes the entire system. The ultimate goal of ransomware is always the same: to extract a payoff from your organisation.
- A DDoS attack happens when a criminal tries to send an army of computers against your website, server or application in order to crash it. It’s a bit like a thousand cars being divided between three lanes: that much traffic is just very difficult to manage.
Suppose your organisation has fallen prey to the cyber mafia. After all, it’s always possible that criminals will find a hole in your system and demand a ransom: nothing is 100% secure. But do you give in to the criminals’ demands, or do you refuse to be manipulated?
Our advice is always to stand your ground and not pay the ransom. Count on your IT professionals to limit the damage as much as possible, refer to your business continuity plan and use your common sense to make the right choices.
Prevention is one of the most important assets at companies’ disposal. By making your employees aware of their clicking behaviour through online training or workshops, you’ll be better equipped against cyber crime – which is a good start.
Even with a smoothly running IT department, the risks are still there, though. Cyber criminals often come from very clever organisations that can adapt everything to reflect your personal circumstances. They’ll use any means possible to get you to click on the link, and absolutely anyone can fall into the trap.
Another pillar of prevention is facing up to a hypothetical situation:
- How will you respond?
- What procedures or steps will you follow?
- What business continuity plan do you have in place?
One of the most important parts of your cyber insurance is the helpline. This service will steer you through an awkward situation as smoothly as possible. What should you tell the outside world? What steps must you take to get from A to B?
A good insurance solution for cyber security doesn’t just pay your costs: it also offers the assistance you need.
Does your organisation need cyber insurance? The answer to that question is simple. We’re way past the point where we can say ‘It will never happen to me’. Whether you’re a tyre centre or an online retailer, the risks are real.
Do you have an in-house accounting system? Or a number of cameras that monitor the premises? Or a digital production system that packages your products? If any of these systems comes to a standstill, the whole house of cards collapses. Which is why cyber insurance is vital.
