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In recent years, the number of cybercrimes committed has risen exponentially. Surprisingly, this does not align with Dutch companies’ perception of risk. They are overwhelmingly underestimating the risk.
A report published by ABN AMRO in February 2022 shows that only 33% of business owners consider cybercrime to be a high risk. In 2021, 30% of the business owners surveyed viewed cybercrime as a high risk. How can this be explained, and what are the consequences?
Not everyone considers the risk of cyberattacks to be low. The ABN AMRO report shows that people who work in the security field or hold crisis-related roles perceive the risk of cyberattacks to be significantly higher. Yet many organizations do not share this view. And that is cause for concern.
Many crisis managers or security professionals face resistance from within their organizations. One possible reason for this is the elusive nature and international scope of cyberattacks. A hacker can be physically located in one country while carrying out a hack in another—sometimes hundreds or even thousands of kilometers away. The internet plays a key role in this.
Any business with an internet connection can fall victim to a cyberattack. This is difficult for many business owners with a local market to grasp. They focus on local threats and overlook the international threats posed by the internet.
A second reason can be found in the legal sphere. In the Netherlands, there are few laws, rules, and regulations concerning cybercrime and businesses. In fact, there is no legal obligation to report cyberattacks to the authorities, except in cases where the cyberattack falls within the scope of the Dutch Data Protection Authority.
As a result, many business owners are unsure what the standard is for cybersecurity and how they can actually improve it. The lack of clear standards can therefore lead to this misconception.
Risk perception determines the number of measures an organization implements. A low risk perception can lead to a lack of necessary measures. This is also confirmed by ABN AMRO’s analysis. As a result, a low risk perception can lead to a higher risk of falling victim to cyberattacks.
The consequences of a cyberattack can be far-reaching and undermine an organization’s entire operations. This applies to freelancers, small and medium-sized businesses, and large corporations alike. It is therefore important for these organizations to accurately assess the risks to their business and take appropriate measures.
Even in the event of a cyberattack, the company must be able to respond effectively; this can be achieved, for example, through the use of crisis management software.
There is still much room for improvement when it comes to risk assessment. Education can play a role in this. Do you also notice misconceptions in this area within your organization? Share this article and help raise awareness!
For more information, please see the ABN AMRO report here .
