Why cybersecurity risk is the number one business risk in 2020

Fifty years ago, criminals were working with assault rifles and targeting banks and financial institutions. Today computers and algorithms have replaced pistols and rifles. Major criminals no longer directly target money or the places where the money is physically stored. Like the robbers who attacked trains full of ores in the far west, modern criminals intercept cash and data on the way before arriving at their destination. This data can be of various types: Industrial prototypes, secret strategic plan, bank details, etc. Allianz Risk Barometer 2020 puts cyber incidents to the top of the list of the greatest threats to businesses in 2020, and this is not a surprise.

Today, in developed countries, people's lives are contained inside their phones. Email accounts, bank accounts, social security numbers, credit card numbers, personal photos, work documents are all stored on phones or computers. These devices must, therefore, be like inviolable safes. Unfortunately, this is not always the case.

Cybersecurity is critical because of the risks that companies are exposed to if there is a security breach. Indeed, companies are responsible for the confidentiality of information that passes through their computer platforms. Any failure to do so can cost billions of dollars in damage to the company and its customers. Imagine that the plans and industrial model of a revolutionary Tesla or Rolls Royce engine was stolen and sold to a competitor. This is a real risk that companies are facing. Cybercriminals are becoming more and more ingenious, and vigilance is needed at all levels. The rising number of ransomware and spoofing attacks is proof of this.

The most secure and reliable computer system remains exposed to human error. A large number of security breaches are due to human error. Some examples include: a work session left open, a professional computer used to connect to a public internet network, a security code entered on the wrong page, a saved password by mistake in a browser. Therefore, companies need to invest in educating their employees because without a good understanding of the risks to which they are exposed and how to avoid them, loopholes will remain.