Cyber insurance, increasingly relevant with increasing number of cyber hacks

Did you know that Belgian companies collectively pay around 100 million euros in ransom to cyber hackers every year? These organisations, large or small, fall prey to so-called hostage software where they no longer have access to their own computer network. And therefore often have no choice. Protect your business against cyber fraud and cover yourself with cyber insurance. This way, you will keep the financial loss in case of a cyber attack to a minimum.

How can a cyber insurance give you peace of mind in the event of a cyber attack?

A cyber insurance can help reduce the financial impact of a cyber attack. For example, in the event of a cyber attack, cyber insurance can cover the cost of restoring systems, paying a ransom to access blocked systems and compensating for loss of income as a result of the attack. Having cyber insurance can therefore help restore peace of mind, as you know you have financial support to help you deal with the consequences of a cyber attack.

Are there any other benefits of a cyber insurance?

Yes, besides helping to reduce the financial impact of a cyber attack, many cyber insurance policies also offer advice and support to help you better protect your systems from future attacks. This can take the form of access to specialist expertise and tools to improve your network security, for example. Some cyber insurance policies also offer a crisis management plan to help you take steps to mitigate the impact of an attack and get things back on track quickly. These can all contribute to a sense of peace of mind and reassurance.

Is cyber insurance relevant for an SME? Are they attacking your business?

Cyber attacks are almost a daily occurrence these days and no organisation, big or small, appears to be completely safe from this type of attack. It is therefore important for every organisation, including SMEs, to take measures to protect themselves from cyber attacks and to be prepared when an attack does occur. This can be done, for example, by taking out cyber insurance and implementing strong security measures.

What measures protect you from a cyber attack?

There are a number of steps you can take to protect your business from a cyber attack. These steps are:

1. Ensure strong password security: make sure all passwords used by employees are strong, unique and changed regularly.
2. Install security software: make sure you have installed up-to-date security software, such as antivirus and firewall software, on all devices and systems.
3. Restrict access to sensitive information: restrict who has access to sensitive business information and ensure that access to this information is securely controlled.
4. Make regular backups: make sure you regularly back up important company data so that you can restore it in case of a cyber attack.
5. Educate employees on cyber security: make sure your employees are aware of the risks of cyber attacks and how to protect against them. Offer education and training to promote this.
6. Consider taking out cyber insurance: cyber insurance can help reduce the financial impact of a cyber attack and provide you with advice and support to better protect your systems.