Criminal motives vary. The purpose of an attack may simply be to destroy systems, or there could be financial reasons involved – in which case a ransom could be demanded.
In both cases, financial losses will be the consequence. Globally, the damages caused by cybercrime are estimated to an incredible 600 billion US dollars. This is equivalent to about one and a half times Austria’s yearly gross domestic product (GDP).
Businesses are responding
Back to Austria. According to insurance group Allianz, approximately one in five companies today has taken out cyber insurance. A good solution, though not perfect. Because, as we recently discussed in another blog post, not all damages will be covered.
The Austrian Federal Economic Chamber has set up a hotline dedicated specifically to affected companies: In the event of an attack, members of the Austrian Federal Economic Chamber can ring +43 800 888 133.
The reasons for why a company may make a desirable target for cyber attacks is well known and it is precisely here where companies need to cut in:
- Update or upgrade outdated systems.
- Backup files.
- Create awareness among employees regarding potential cyber attacks.
Obviously, you can and should take further actions to protect your data, for instance by setting up a modern identity and access management system. Keep in mind that, besides the stipulations of the GDPR, cybercrimes, too, are valid reasons to ensure that only those people are given access to sensitive company information who actually need it to carry out their respective duties in the company.