Companies unprepared for increasing cyber risks

According to the journal “De Tijd” Belgian companies are facing significant and increasing cyber damage. A study from the insurance broker Vanbreda Risk & Benefits shows that Belgian companies are more and more targeted by cybercriminals. Despite several prevention campaigns, the costs of cybercrime for Belgian companies are multiplied by three compared to three years ago. Especially ransomware attacks, whereby IT systems are shut down and are only unlocked in exchange for ransom money, happen more frequently than ever. Despite the increasing threat, companies still do not seem to be prepared against cyber-attacks. It often appears easy to find a weak spot within the company which allows cybercriminal to enter the corporate servers.

The Stibbe cybercrime team can provide you with assistance in cybersecurity, cybercrime and data protection matters. The team can help you with the implementation of cybersecurity measures and make sure you are - from a legal perspective - optimally equipped against cyberattacks. If a cyberattack nevertheless occurs, our team can assist you in a swift response to limit damage, secure evidence and comply with the applicable notification duties in case of data breaches. In a second stage, we can ensure direct contact with the appropriate authorities with whom we have built strong relationships over time. We can furthermore assist in filing a criminal complaint including all useful technical details of the attack and ensure follow-up of your case. The team has a strong track record in such matters across industries and can rely on an international network to deal with cross-border aspects.

This article was written by Charlotte Evenepoel and Charlotte Conings.