Top 5 reasons to take your cyber security seriously

Hacking, data theft, phishing, ransomware, cyber espionage... The cyber threat is now omnipresent, increasingly sophisticated and affects all types of companies. With more employees working from home since the beginning of the Covid-19, companies are more vulnerable to cybercrime. Protecting your information system and sensitive data is no longer an option. You have too much to lose to a cyber attack.

In Belgium, four out of ten businesses were affected by one or more cyber attacks in 2020 and one in five was a ramsomware attack. The recently published report by insurer Hiscox also indicates that Belgian companies were the least spender in terms of cyber security* but now spend 21% of their IT expenditure on cyber security in 2021 compared to 13% in 2020.

Faced with the various cyber threats, on 20 May, the Centre for Cyber security Belgium (CCB) published its 2021-2025 strategy to make Belgium one of the least vulnerable countries in Europe in the field of cyber security within 4 years.


💰 Data = black gold of the 21st century 💰

Your company data is extremely valuable. You probably don't want your product's manufacturing secrets or your latest financial statement to get into the wrong hands. Some cyber security experts refer to data as the black gold of the 21st century. We are producing more and more of it and it is essential to ensure its security.


💻It doesn't just happen to others💻

Banking, finance, insurance, health, industry, administration, energy, agri-food, distribution... All sectors of activity are potential targets for cyber attackers. The motivations differ: theft of personal data, industrial espionage, taking control of the information system, financial motivations, etc.

Another essential element to remember is that it is not only large groups that are of interest to hackers. Small and medium-sized businesses are just as concerned, and for a simple reason: these companies are often less well protected and hackers can more easily access their information systems.


💶 Attacks that can be very costly 💶

A cyber attack can be very expensive. According to the recent Hiscox report, in 2020, the amount was estimated at almost 10,000 euros for the average Belgian company (and almost half a million euros for one of them!).

Attacks are also becoming increasingly effective. Ransomware ("ransomware virus" that takes your computer and files hostage and demands a ransom) is on the rise, with phishing emails (scams via fake emails, websites or messages) as the main starting point. Belgian and German companies were the most affected by this type of attack (19% of companies reporting a cyber attack), but only half of the Belgian companies affected paid the ransom demanded (49%).


🏴The submerged part of cyber attacks🏴

And as if the situation was not complicated enough when you are the victim of a cyber attack in your company, you also have to take into account the hidden costs. A study by Deloitte has identified the various impacts caused:


🔐Protect your business🔐

The consequences of a cyber attack can be catastrophic. Some companies have been forced to close down after suffering a cyber attack. Are you still wondering what direct consequences a cyber attack can have on your business?

You should be aware that a cyber attack can seriously affect the continuity and sustainability of your business.

The consequences can be of different kinds: financial, legal or even reputational. Unavailability of your website, loss of turnover, stopping your production for several hours, delayed delivery to your customers... A cyber attack will have a heavy impact on your business and major economic consequences. Hence the importance of protecting yourself with tools that offer strong guarantees.

As you can see, your company's cybersecurity must be a top priority throughout the year. To do this, you need high-performance tools that offer the best security for your entire information system. At Sewan, we have what you need. We tell you everything here!


Study conducted on 6,000 companies, including 525 in Belgium, in eight Western countries (Hiscox Cyber Readiness Report 2021)