The Growing Importance of Cyberattack Insurance
As cyber threats escalate, cyberattack insurance has become a “critical necessity” for businesses across all sectors and sizes, according to Sergio Sotomayor, CEO of Lockton México’s Regional Offices, as reported by El Economista.
While companies naturally insure their goods, machinery, buildings, or production, the likelihood of a cyberattack is higher. Sotomayor emphasized, “Cyber threats arrive daily from all directions, targeting both individuals and businesses.”
Vulnerable Sectors: Finance, Education, and Health
According to Sotomayor, the financial sector is particularly attractive to cybercriminals. However, education and health sectors are also vulnerable due to the vast amounts of data they handle, making them attractive targets. He stressed, “The more transactions a company has online—payments, collections, information exchange with suppliers and clients—the more crucial it is to have this type of insurance.”
Cybersecurity Ventures estimates that cybercrime could cost around 10 trillion dollars by 2025. Despite this, less than 1% of Mexican companies have insurance against cyberattacks.
“Given the rise in cyber business and the allure of data for criminals, businesses must secure themselves and consult with a broker to acquire appropriate cyber insurance,” Sotomayor advised.
High-Risk Technology Sector
Although cyberattacks occur nationwide, Jalisco—Mexico’s tech hub—has many data-intensive technology companies, making them attractive targets for cybercriminals, according to Sotomayor.
“For any company handling sensitive data, operating online, or relying on digital systems, this policy is a vital tool for resilience and operational continuity,” he explained.
Public Institutions in Jalisco Targeted by Cybercrime
In the past three months, three public institutions in Jalisco have fallen victim to cybercrime:
- SIAPA: The Intermunicipal System for Potable Water and Drainage (SIAPA) suffered a hack that halted administrative services, including bill collection, for 12 days.
- Hospitals Civiles: Dependent on the University of Guadalajara, these hospitals treating uninsured patients were also targeted. The breach may have affected around 20,000 people, primarily in the teaching area, though no patient data was compromised; instead, medical interns, residents, and fellows were affected. A formal complaint has been filed.
- DIF Guadalajara: This organization acknowledged a “possible breach” and filed a complaint for the state attorney to investigate.
Key Questions and Answers
- Why is cyberattack insurance crucial for businesses? As cyber threats rise, businesses must protect their data and digital operations. Cyberattack insurance provides financial security and operational continuity in the event of a breach.
- Which sectors are most vulnerable to cyberattacks? The finance, education, and health sectors are particularly at risk due to the vast amounts of data they handle.
- What is the potential financial impact of cybercrime? Cybersecurity Ventures estimates that cybercrime could cost around 10 trillion dollars by 2025.
- How many Mexican companies have cyberattack insurance? Less than 1% of Mexican businesses currently have cyberattack insurance.
