Cyber Risk

The security of data or own IT infrastructure has become more and more the focus of many companies. Due to the constant improvement of technology in processes, workflows and entire production site, the risk of a cyber-attack, or "hacker-attack", is increasing.

Almost every business is faced with this problem, as all businesses that have access to the Internet are a potential target. Even individual computers or WIFI connections can become a corporate risk.

Cybercrime is understood as abuse, theft or criminal activity using information and communication technology, in particular the Internet.

How can risk management help against cybercrime?

It is important to ensure that the existing infrastructure is well protected and that all necessary safety standards have been technically tested. Our expert team of IT specialists is available for you to properly determine required protection measures and relevant safety standards. This team is assembled individually and carries out suitable tests based on determined key features. As a result, we identify possible security gaps and risks. Regarding this result, the risk can be estimated and possible levels of damage identified.

Furthermore, employees are trained for conscious handling of data (USB sticks, e-mail attachments or external data carriers) in order to prevent an attack from inside. Suitable training or refreshment courses are offered for this purpose.

In summary, proper risk management in these areas determines how vulnerable your company is regarding IT, what risks it creates and how to minimise it. With a tailor-made risk catalog, your company can better protect itself against attacks from outside and inside and has better negotiation position with the insurer.

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What consequences can arise from weak IT security?

In most cases, no noticeable damage occurs in the company right after a hacker attack. As a rule, attacks often remain undetected for a long time and only become visible to those affected after a longer period.

The risk of such attacks can increase significantly with the duration of the infection and the following dangers can arise:

  1. Encryption of important data by the attackers
    (servers, computers, external drives)
  2. Theft of passwords and credit card information
  3. Theft of sensitive business data (plans, sketches, documents)
  4. Standstill of operating equipment (failure of the control computer, etc.)
  5. Legal and public consequences (image loss, penalty relevance)
  6. Production losses - resulting in breaches of contract (delivery difficulties)
  7. Financial loss (e-banking, free purchase of encrypted data)

These risks must be identified and minimised.

How can I improve my IT security?

The biggest risk factor is and remains a Human. Here we rely on individually tailored training sessions to raise awareness of security in your company. The protection of your own workplace and the correct handling of company data are the focus of the training. Involving experts who examine, record and rectify potential incidents is also part of a good security concept.

But not only should the human, as a factor, be at the right level of knowledge. Even software that is used during operation must be up-to-date. Operating systems, programs and firmware are therefore checked, updated or renewed in regular intervals.

As a result, the risk for insurance companies is significantly reduced and therefore guarantees a better position regarding insurance coverage and premiums.

Backup: double network - instead of free fall

One of the key features of good cyber and IT risk management is the backup. Many companies have given up of regular backups.

The emergency plans developed in advance and communicated to the employees ensure fast action when needed. This can save valuable time in an emergency and guarantee ongoing operation.

Focus on this practice means you are well-prepared for attacks and can quickly resume operations based on existing backups (preferably current) and follow-up plans. As a result, the corporate risk is minimised and the affected operations can continue promptly.

All these measures serve to provide the insurer with the best basis for effective and economical insurance protection. All measures are documented as transparently as possible to help avoid errors in communication.

 

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Fire risk

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Natural hazards

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Cyber risk

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Other hazards

About risk on mind®

We see our company as a link between industrial and insurance companies, leading to economic cooperation. The team of risk on mind® creates new thinking possibilities and solutions to meet the needs of industry insurances without driving the industry company in an economic downturn. More than 25 years of experience in the insurance, fire protection and IT industries are counterbalanced by a completely new approach that will break new ground in the insurance industry.

Contact

+43 (664) 353 99 22 

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www.riskonmind.at

Prinz Eugenstraße 45/8
     2301 Groß Enzersdorf
     Österreich

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