Seguros y pensiones para todos

Insurance against cyber extortion

Home > Blog > Insurance against cyber extortion

04.Oct.2020

In a ransomware attack, all the information that the user has saved on their computer is blocked and a payment is demanded to release it. Here we explain what action to take.

“Your computer system has been attacked. Contact the following address to negotiate the ransom”. The appearance of this simple message on a computer screen heralds the nightmare of a ransomware attack: malicious programs that block the computer where the user stores their personal or business information and demand payment to recover the equipment and their data. What should you do in these cases?

A race against time

Time is of the essence in this situation. If you’ve been affected by an attack of this type, you can report it to the National Cybersecurity Institute by sending an email to incidencias@incibe-cert.es, or you can call 017 for instructions. We also recommended that you report it: in this way, the source of the crime can be investigated and you will be collaborating in prevention efforts and actions to capture the cybercriminal.

A team at your service

In addition, if you have cyber risk insurance a whole team of professionals will be straight to work to help you. Insurers offer 24-hour services to slow down and fix the attack. On the one hand, a computer support team will work directly on the affected devices, while on the other it will act in parallel on the legal and judicial aspect of the attack. This issue is especially important, since the leakage of information about third parties must be reported to the Data Protection Agency within 72 hours to avoid penalties.

Coronavirus-related breaches

In the last year, these types of cyber threats have increased notably. The digital migration that the coronavirus crisis has imposed has made life easier for cyber thieves: teleworking has opened multiple security breaches in organizations. However, it should be remembered that these attacks no longer only affect big corporations: SMEs and self-employed professionals are by no means safe from this type of crime.

Hence, cyber risk policies allow coverage to be customized to the specific characteristics of each business. These insurance policies cover the possible economic losses that come with having a business paralyzed during the attack, in addition to expenses related to forensic investigations, legal defense, payment of fines, and the cleaning and recovery of the systems.

You may also like…

Cognitive biases that condition what you buy and how you invest

Cognitive biases that condition what you buy and how you invest

What are cognitive biases? Cognitive biases are mental shortcuts in our brain when we receive and process information so that we can make a decision and act accordingly. They are like automatic brain responses based on years of evolution designed to help us act...

How to make the most of your cash

How to make the most of your cash

And the fact is that, with high inflation rates, your emergency fund savings lose their value month by month. In other words, this money is worth less over time as the cost of living rises. Is there anything that can be done? To begin with, do not lose sight of the...

What should you do with your savings in a recession?

What should you do with your savings in a recession?

However, the actual fall in the Eurozone was 0.1% in both the last quarter of 2022 and the first quarter of 2023, closer to zero growth than to a sharp economic contraction. In Spain, the GDP has not fallen since the first quarter of 2022, but the fact that the German...

The power of automating your finances and certain habits

The power of automating your finances and certain habits

It's like a vicious circle that prevents you from moving forward. The reason for this is very simple: they are processes that depend on your willpower. Even when you build the right habits, it's easy to have slip-ups that undermine your confidence and make you feel...

Should you sell your investments to pay off your debts?

Should you sell your investments to pay off your debts?

The truth is that there is no one-size-fits-all answer. The most appropriate solution will depend on both the type of debt and your investment profile, which will determine to a certain extent the returns you can achieve with your investments. Safe profit vs....

Why is everyone talking about Treasury Bills?

Why is everyone talking about Treasury Bills?

The reason for this Treasury Bill frenzy involves a combination of factors. On the one hand is the rise in interest rates by the European Central Bank (ECB) to combat inflation, which caused the yield on public debt to rise to levels that became attractive to savers....