Only 30% of Spanish companies have specific insurance to protect themselves against cyber attacks, according to Lazarus Technology. This data is alarming, especially considering that in 2023 more than 22,000 cybersecurity incidents were managed, according to the National Cybersecurity Institute (INCIBE).
And, cyber attacks are increasingly frequent and devastating, but are not considered with the same seriousness as other accidents such as fires or water damage. While multi -risk policies usually include fire cover, it is rare that they cover cyber attacks, although they can also cause significant material damage.
This lack of coverage leaves Spanish companies in a vulnerable position, especially when the average cost of a cyber attack can be up to 14 times greater than that of a fire, exceeding 100,000 euros.
Cybersecurity in SMEs in Spain
The business fabric in Spain is composed of 99% by SMEs, which means that many of these companies could face the paralysis of their activities after a cyber attack. The unemployed profit cost can range between 5,000 and 50,000 euros per day, which could lead to the closure of the company in extreme cases. A Google report entitled “Current panorama of cybersecurity in Spain” concludes that 60% of European SMEs, including Spanish, are forced to close in the six months after a cyber attack.
Cybersecurity in Spain: Apenalties 30% of Spanish companies have specific insurance to cover cyber attacks
“SMEs mistakenly consider that, given the size of their businesses, they are unattractive to receive a cyber attack or, simply, which as it has never happened, does not have to happen. The best defense cannot be the feeling of insignificance or chance, but opt for a cybersagide that mitigates any computer attack and does not put the existence of the company at risk, ”warns Manuel Huerta, CEO of Lazarus Technology.
Incibe figures show that 55% of SMEs are not protected with cybersagide due to this lack of awareness. A cybersagide would not only cover the response to attacks, but also recovery costs and sanctions for normative breach.
Cost of cyber attacks
The cost of cyber attacks for Spanish companies has increased significantly in recent years. According to a HISCOX report, the average cost of a cyber attack in 2022 was 105,655 euros, and 43% of the affected companies ceased to be operational after a ransomware attack. In addition, 28% of companies lost customers as a result of a cyber attack.
Protection measures
Despite these risks, cybersecurity investment by Spanish SMEs remains insufficient. Only 19% of the IT budget is destined for cybersecurity, a figure that has decreased compared to previous years. This trend is worrying, since only one in 100 SMEs is considered an expert in cybersecurity and capable of properly handling these threats.
In response to these challenges, some SMEs have begun to implement additional security measures. 34% have improved its preparation for future attacks and 22% have increased investment in training for employees, seeking to strengthen organizational culture around cybersecurity.