The Importance of Cyber Security and Insurance

You may have noticed that cyber security and cyber attacks seem to be discussed more regularly in the media and on social network platforms. The reason for this is the sharp rise in cyber incidents across the globe.

Even Maltese hospitals, commercial organisations and schools have suffered cyber events.

Across Europe, there are daily reports of cyber security incidents and cyber attacks, such as data breaches or phishing scams. For example, on 14 April 2025, there was a cyber  attack on an organisation supporting the visually impaired in Switzerland. Plus, on 13 April, there was a cyber incident affecting a beverage retailer in Germany.

In the light of all of this cyber risk, we explore the importance of cyber security and insurance in this article, discovering why cyber insurance could help safeguard your business.

Contents

●   What is cyber security?

●   The importance of cyber security and insurance.

●   How can cyber insurance help to protect your business?

●   Why cyber insurance with GasanMamo?

What is cyber security?

Cyber security is the process of protecting networks and systems from digital attacks. Cyber attacks take many forms, but most have the aim of accessing, manipulating, distorting or destroying data or sensitive information.

The  reasons  behind  these incidents are varied, ranging from money extortion and business interruption to reputation damage. As a result of the sophistication of cyber threat, the nature of cyber security required for most businesses today needs to be robust.

A  resilient  and  protective  cyber  security  programme  will  have  multiple  layers  of protection that cover all of the networks, devices, and systems your business uses.

Having the foundational elements of cyber security in place supports a more protected organisation overall.

Integrating authentication into your systems using passwords and security keys helps to enforce security. The use of authorisation so key stakeholders can decide who has access to their systems is also important. Confidentiality is also essential as data should only be accessible to those that need it.

The importance of cyber security and insurance

Why are cyber security and cyber insurance so necessary for businesses? Here are three major reasons why having appropriate protection through powerful processes and protective cyber insurance are crucial:

1. Rising cyber threat costs

The cost of a cyber incident is increasing, due to data recovery and network repair costs. There may even be the risk of regulatory fines or the threat of reputational damage.

2. Increasing cyber attack sophistication

Cyber  attacks  are evolving and many are now taking place on multiple fronts. An organisation can find itself with a compromised network and data loss at the same time, having to find solutions to resolve complex issues.

3. Cyber crime affects everyone

If your business endures a cyber incident, it will affect you and all of your employees. In addition, your customers may also be impacted if their data is stolen. There are lots of parties to consider when planning your cyber security.

How can cyber insurance help to protect your business?

Having a comprehensive cyber insurance policy in place before your business undergoes a cyber incident or attack is a smart move. If you suffer an attack and don’t have any provision, it will likely cost you a considerable sum.

Cyber insurance policies provide extensive protection after a cyber attack, including funds for data recovery, expert support and targeted resources to help your business recover and get back on track.

What’s more, going through the process of investing in a cyber protection insurance policy will help you identify any areas of vulnerability that you can work on addressing. This will support all aspects of your business to become stronger in the face of a future cyber attack.

Why cyber insurance with GasanMamo?

Navigating the complexities of the digital landscape today is complicated. For businesses, it can be difficult and expensive if they are not prepared.

Investing  in   protective   cyber   insurance   cover   like  the  one  you  can  find  with GasanMamo, can transform your levels of security and help you mitigate financial risk, reduce the threat of a cyber incident and better manage your reputation.

We offer Cyber Insurance protection for the following key areas under our Business Protect product range:

● Incident Response: covering investigation and other necessary costs incurred as a result of a security breach.

● Data Restoration: costs incurred to restore access to your data assets or to recover,  restore  and  replace  any  data  assets  that  have  been  corrupted, destroyed or damaged.

● Business Interruption: this supports loss of business income and additional reasonable costs required to maintain business operations and services following a security breach.

If  you  want  to  know  more  about  our   business   insurance   policies,   including  cyber protection cover, get in touch with our  friendly  expert  team  for a chat and the latest information.

GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.

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