Le Blogue - la sécurité d'être bien assuré!

Chronicle No 1: Cyber Risks…What Are They?

The Professional Liability Team | September 5, 2019
The term "cyber" has grown popular in recent years. The problem with its growing popularity is that it is used in all kinds of ways. Cyber risks have become a reality that must absolutely be discussed, but what exactly are we talking about? 

One could summarize by referring to the risks associated with digital communication networks. Computers, operating systems, software, networks, technology, Internet, data and information, these are some of the elements that make up this fascinating…but increasingly worrisome universe!

Cyber risk insurance is designed to provide protection against network security and privacy breaches. A breach occurs when personal information (PI) or personal health information (PHI) is compromised, whether in electronic or paper form.

An infringement is not necessarily the result of a criminal act. According to a study conducted by the Ponemon Institute in 2018, 48% of the attacks resulted from a malicious or criminal attack, while 27% were caused by human error and 25% by a computer system problem.

The cost of an attack varies enormously depending on the country where it occurs, but also on the industry affected and the type of information compromised. The same study estimated the average cost of a lost or stolen file at $148 (by “file” we mean a piece of information, PR or RPS), while the average total cost of an infringement was $3.86 million.

No one is safe. Every company, regardless of its size, faces cyber risks and is likely to suffer the inconvenience one day.

But how can we protect ourselves? Stay tuned, this will be the subject of the next column.

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