How can we protect data in our organisations? Insurance is an option
Javier Gómez: "Some organizations deal with sensitive data in their systems combined with their need to work in increasingly digital ways and being accessible to thousands of users and often with insufficient levels of security". Source: Pixabay.
Every day we read more and more headlines on cyber-risk and network security for companies and institutions of all sorts; articles warning on the growing number of attacks around the country and alarming news on organizations experiencing hacking with confidential data stolen or encrypted and falling into the hands of cybercriminals or left exposed.
Javier Gómez
Member of the Arç cooperative for 8 years
How does this growing risk affect organizations?
Some organizations deal with sensitive data in their systems combined with their need to work in increasingly digital ways and being accessible to thousands of users and often with insufficient levels of security. All this makes them the perfect target for cybercrime. Let’s take an example: an organization managing a large volume of personal data of users and volunteers and using devices that aren’t equipped to detect hacks. It’s not just about personal data, also their finances, calendars, specific data, activities, etc. Exposure to risk is high: data being stolen, phishing…
This leads us to another aspect: whether talking of data protection is merely related to the risk of a halt to our activities with the risks that entails or, even worse: the leaking of data that may give place to claims and sanctions through the GDPR (the fines could be huge). In many sectors, this also comes with a reputational risk. These are all questions for which many organizations do not have a clear answer.
How can we protect ourselves from this reality?
In the field of insurance, for instance, solutions already exist that are geared towards cyber-risks and data protection. Most of them offer compensation schemes: if we are unlucky enough to have an incident and there is a breach in our data, insurance can cover a claim, sanction or even the possibility of demands for financial extorsion.
What about prevention? You’re better safe than sorry. There are many network and system guard and protection-based solutions on the market. Until recently they were only available to large companies and transnational corporations such as banks. Now, insurance companies also cater for SMEs and organizations that are service and risk-prevention oriented to avoid hacking before an event leading to compensation happens, even when they will cover for this risk.
It is time to find out, ask for advice and make the most of innovation and entrepreneurship from those who can offer advanced and specific solutions in the field of cybersecurity. There is no such thing as zero risk, but the democratization of technology that leaves us exposed also brings us a step closer to protect us with a small investment.
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