UAE Businesses Need More Protection Against Cyber Attacks in 2021
Ransomware attacks and online frauds have become common crimes that target businesses’ data and networks. Among businesses, SMEs are the most common victims of such cybercrimes. Cyber attackers often view SMEs as an easy target because such companies have fewer resources to fight cyber-attacks. They are also more exposed because their network is monitored less during weekends and holidays which allows intruders to easily install malicious software. Also, a proliferation of cloud-based apps and software makes it much easier for hackers to exploit loopholes in networks.
According to the 2017 Norton Cyber Security Insights Report, more than half of the millennials (58%) in the UAE experienced some sort of cybercrime. The report also revealed that a total of 3.72 million UAE consumers lost nearly Dh 4 billion to cybercrime.
Yet only a few have protected themselves with a cyber risk insurance policy.
The COVID-19 Pandemic Fueled Already Increasing Cyber Crimes
During the COVID-19 pandemic, the number of cyber-attacks has skyrocketed. Social engineering campaigns that preyed on the fear of the virus have fueled these crimes more than ever. Malicious elements posed themselves as trusted organizations (banks and merchants) or individuals (co-workers, managers, and IT administrators) to steal sensitive data or funds so that they can infiltrate organizations and compromise information systems, especially corporate payment systems.
Cyber Risk Insurance to Protect Your Company Against Online Frauds and Ransomware Attacks
With a sharp increase in ransomware and online attacks aimed at employees working from home, the need for cyber risk insurance in 2021 has increased even more. Of course, training, and technical safeguards are critical to cyber-security; but, protecting your company from online frauds and ransomware attacks through cyber insurance is still a necessary measure that every company, be it small, medium, or large, should implement in its strategies and policies.
Unfortunately, there is a false sense of security among most businesses that if they haven’t been a victim of cybercrime yet, they believe that they are invincible and protected against such crimes.
A 2020 study conducted by NORDVPN reported that “cyberattacks are up 400% a day compared to pre-COVID-19 levels”.
Such astonishing findings of cybercrime call for a bigger change in the viewpoint of businesses as well as individuals.
Businesses with cyber risk insurance are protected when data breaches, malware, or ransomware attack their systems and cause losses. Besides, cyber insurance also provides businesses with access to cyber-security experts when they need it the most. Therefore, it makes buying a cyber risk insurance policy a viable solution for SMEs.
All the top concerns of SMEs are often aligned with the typical inclusions in a Cyber Insurance policy. Besides, cyber insurers and brokers can help close the education gap between cyber exposure and cyber protection to get more meaningful and wider coverages that meet the specific cyber security-related needs of businesses.