CYBERSECURITY AND INSURANCE COMPANIES, BY SOLUTEL

Why is Solutel planning this event on cybersecurity and insurance companies? It seems a cliché, but it is a reality that society as a whole has advanced more in the last 15 years than in practically the entire 20th century.

Technology, communications systems and social networks have brought people and entities closer together; what one says becomes a big snowball just a few minutes later if it manages to go viral. On the other hand, criminals see how it is possible to commit criminal acts using the same means of communication that we use every day to inform ourselves. Criminals no longer try to rob a bank and be fully exposed on the street, with a high probability of being caught.

If years ago the distinction was made between white-collar thieves, today we could say that there are thieves 2.0. People who – from a remote situation – are capable of stopping the production of a factory, a bank, a pharmaceutical laboratory… Beyond the reputational crisis to which the company is exposed, calling into question its security systems, the social networks will be responsible for “airing” the weaknesses of the company that is being extorted by cybercriminals, by these “thieves 2.0”.

What are we exposed to?

Ramsonware is a type of software that encrypts all the victim’s files and makes it possible to hijack a company’s computer systems. Amounts are demanded that very often coincide with the presumed turnover of the extorted company within a short period of 2 or 3 days. For this reason, many companies prefer to pay in order to be able to return to their day-to-day business, wipe the slate clean and – of course – increase their security systems to avoid another similar situation. They recognize that these are manageable amounts and that it is a better option to get rid of this nightmare as soon as possible and start invoicing again.

What is the role of the Insurance Companies?

And this is where insurance companies see a new business niche. Cars, buildings, different parts of a player’s and/or a model’s anatomy have been insured. We insure ourselves against the theft of material goods in our own home and/or company; we even insure ourselves that in case of sudden death the possible mortgage charges are cancelled as well as the funeral expenses. But how much does a day of zero productivity cost for Amazon, Banco Santander, HP or Ford? How many tens of millions of euros could one of these companies lose (lost profits) in a single day if they were unable to operate due to a ramsonware attack? I insist, apart from the serious reputational crisis they will obviously suffer.

What issues will be discussed during the event CYBERSECURITY AND INSURANCE COMPANIES?

Are companies, large and small, aware that more important than securing the industrial building is to ensure business continuity 24X7 against acts of cybercriminals?
Are there cyber attack policies?
What requirements do companies have to meet to be able to contract this type of policy in terms of network security?
What minimum security solutions are recommended to companies?

On July 7th we will celebrate the I SOLUTEL CYBER SECURITY AND INSURANCE COMPANIES event. We will discuss together with CIO/CISO of insurance companies, lawyers specialized in Insurance Law, units specialized in cybercrime in the State Security Forces and Corps how companies should act to -mainly- avoid being attacked by this or other types of telematic crimes. Secondly, to establish how insurance companies can be strategic allies to ensure the continuity of our business.

More information: Solutel Eventos website

CYBERSECURITY AND INSURANCE COMPANIES, BY SOLUTEL