Malicious hackers are increasingly attacking and threatening all types of businesses, especially cities, hospitals and schools. According to Malwarebytes, over the past year, ransomware detection has increased by 363%. No more access to private data, e-mails, telephones, management, delivery and payement systems... These ransomwares take the companies' computer systems hostage and only free them for a ransom payment. In an interview for the New York Times in August, Eli Sugarman, who directs the Hewlett Foundation’s cybersecurity program, said: “We are seeing more ransomware attacks because they work.”
Swiss organisations under attack
Switzerland is not spared from the growing threat of ransomwares. This is evidenced by the fact that the Reporting and Analysis Centre for Information Assurance (MELANI), the Swiss government agency active in the field of cybersecurity, has already warned companies twice this year following waves of cyberattacks. These attacks represent costs that should not be underestimated. For example, Meier Tobler, a company listed on the Swiss stock market, suffered a 4-day total shutdown in July. As a result: an estimated CHF 5 million in loss of revenue, as well as exceptional costs related to the fight against the attack up to CHF 1 to 2 million on the annual result. According to a global survey conducted by Sophos in 2018, the median total cost of a ransomware attack was 130,000 CHF. This can be a huge cost for a small business.
Cyber insurance
To cope with this new type of risk, more and more insurance against cyberattacks is being offered. However, insurers offer various coverage policies: their products are good in design, but exclusions formulated in the General Conditions of Insurance (G.G.A.) could be invoked when claiming compensation. Some insurers are willing to grant preferential pricing conditions and waive some of these exclusions if guarantees could be provided regarding security measures, updates, maintenance and password use practices.
Let our team of IT infrastructure and data protection experts help you take the first steps to comply with data protection requirements that apply to your organization. We have long-time expertise, methodologies and practical tools to provide a simple and effective solution to your cloud and on-premise backup requirements. We can check to see if you are compliant with your insurer's requirements for data security. Do not hesitate to contact us.
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