Cybercrime is a major risk for many companies. Hackers can use these attacks to steal important trade secrets, steal confidential data from your customers, or simply paralyze your IT infrastructure. In all cases, they lead to enormous financial losses. But these attacks do not affect all companies to the same extent. Good preparation considerably defuses the danger. Although it is not always possible to completely fend off all attacks, at least the damage can be minimized. To this end, it is necessary to prepare thoroughly for the dangers of cybercrime. Careful risk management in this area is also indispensable for insurance companies in order to be able to assess the risk correctly.

 

The composition of the team is crucial

Preparing your business for cybercrime attacks and identifying risks requires a strong team. Of course, the IT department is the focal point. This is responsible for ensuring the security of the systems and fending off all attacks via the Internet. Therefore, experts with the necessary technical knowledge can be found in this area. However, it is also advisable to involve other departments. Risk management specialists, legal staff and other professionals should also be part of the team. Contact with external partners can also be helpful in correctly assessing the risks. An interdepartmental team of experts is an important prerequisite for investigating the risks posed by cybercrime.

 

Careful testing identifies the risk of cyber attacks

When your team is complete, it starts preparing the company for attacks over the Internet. For example, it can perform special cyber hygiene checks. They find out whether the security precautions of the IT systems function reliably. The results demonstrate where hazards are imminent. This makes it possible to make improvements in the relevant areas and thus reduce risks. In addition, the current hazard can be assessed in this way. Tests of hypothetical risk scenarios are also very important. These simulate an attack and thus determine in which areas the system is vulnerable. In this way, it is possible to identify where the existing control and security mechanisms are effective and where an attack could be successful. The information from these simulations is essential to accurately assess the risk of a cyber attack.

 

Insurance for the minimization of risks

Careful preparation can reduce the risk of a cyber attack, but there is always a residual risk. Therefore, many companies decide to take out insurance for this scenario. In order to choose a suitable insurance cover, it is important to know what financial damage is imminent in the event of an attack. This also requires tests and analyses of the existing safety systems. Carefully executed simulations not only make it possible to determine whether an attack could be successful. In addition, the results are extremely helpful in exploring the effects. When you design a hypothetical threat scenario and test the control mechanisms under these conditions, it becomes clear what areas an attack can affect. This shows what financial loss your company is threatened with. This information is indispensable in order to take out suitable insurance cover.