Nobody questions the need to purchase auto insurance , among other reasons because Law 122/1962, of December 24, on the Use and Movement of Motor Vehicles made this insurance mandatory .
On the other hand, although it is not mandatory by law, home insurance is also essential since at some point in our lives we will find ourselves in need of hiring it. For example, when renting an apartment or taking out a mortgage. In the latter case, the General Directorate of Insurance and Pension Funds, communicates that a bank cannot force us to take out a home insurance policy , but the truth is that this fact can improve the conditions for contracting the mortgage.
If we understand that we must protect ourselves against the possible risks posed by both auto insurance and home insurance, we should be aware that there is a new risk born with new technologies and that must also be insured: cybercrime.
The segment of our business fabric most vulnerable to this new form of crime is that of small and medium-sized enterprises (SMEs). According to the criteria of the Ministry of Industry, Commerce and Tourism, and of the European Union, the company that employs less than 250 people and whose annual turnover does not exceed 50 million euros is considered SMEs. This type of company represents 99.8% of the total Spanish business network, a figure that is also the average in the EU .
The need to purchase cybersecurity insurance becomes imperative if we consider the fact that 70% of companies affected by cyber attacks are SMEs. Cyber criminals prefer to attack SMEs because it is easier for them , since they mostly have insufficient security systems in relation to large companies, which generally have a higher level of security investment. We must add to this risk the fact that the economic impact of a cyberattack for an SME may mean that the company fails and results in the closure of the business.
In certain professional activities, SMEs are required to contract a Civil Liability policy . The convenience is obvious: a circumstance can always occur that escapes the control of the company and affects third parties, so it must be planned to act as soon as possible. If SMEs are aware that they must contract the CR policy, they should reflect on the need to protect one of the essential tools for their management: their technological resources .
The risk of having a cyber attack grows day by day. Chema Alonso, a computer engineer and member of the Executive Committee of Telefónica, in a conference held last May at the offices of MGS Seguros, explained to the audience that the computer attacks are already reaching all areas and made two statements as forceful as that “It is no longer necessary for our computer to become infected so that they can control our email ” and that currently ” viral infections are being stopped in one out of every two homes .”
Of course, the risk is higher when it comes to companies. The data that consultants and specialists transfer to us is that 76% suffered cyber attacks, in various ways, the following being the main ones:
- Malwares . Programs whose objective is to take control of the computer. They may involve data theft and sending messages without consent.
- Phishing . Theft of confidential information. Impersonate legitimate institutions to request confidential information.
- Ransomware . Information hijacking. It is a malicious software that takes control of files and documents, preventing access to them. A total computer crash occurs.
The installation of a simple antivirus is not enough . The protection of a company depends on other security solutions, continuous monitoring systems, firewalls , backups …
Awareness of risk protection is one way to deal with them. We already have the solution in the form of Cyber insurance . We just have to get used to trusting the professionals of the technological world and the insurers , who adapt their products to minimize the inescapable risk that the great technological advance entails.