Intoday’s time, which in many ways depends on information technology and electronic communications, business entities are increasingly exposed to various forms of cybercrime.
Cyber-criminal attacks and events such as cyber-espionage, cyber-warfare, cyber-terrorism, cyber-fraud, cyberbullying can have devastating consequences and a great impact on business entities, their employees, customers, policyholders, and third parties. Such actions can lead to the theft of intellectual property, endangering the corporate strategy, embezzlement or manipulation of confidential and personal data, reducing the reputation of the brand and the business entity, and in some cases they may even threaten the existence of the business entity.
As cyber-crime has a great impact on organizations, the problem of cyber-security has outgrown the IT departments, which until recently were exclusively responsible for cyber-security affairs, and has become one of the strategic risks that executive management should approach with special care.
THE MOST COMMON CAUSES OF CYBER ATTACKS ARE:
1. Lost or stolen devices
2. Hacking
3. Employee error
4. Viruses
5. Loss of personal data
6. Improper archiving
7. Cyber insurance can provide one’s own responsibility for various scenarios and damage to third parties caused by a cyber attack, interruption of business during the repair of damage caused by a cyber attack, damage to the IT system, consequential reputational damage, regulatory and investigative costs, own and external costs of sending notifications , extortion (ransomware), court costs, and more.
