A study conducted by the National Institute for Combating Cybercrime shows that hackers have caused R$23 trillion in losses to the country this year
ESTADÃO SPECIAL – By the end of 2024, Brazilian financial institutions plan to invest R$47.4 billion in cybersecurity, according to data from Brazilian Federation of Banks (Febraban)which also show that banks currently allocate around 10% of their budgets to security technologies.
This concern is justified. According to a recent study by the National Institute for Combating Cybercrime (INCC), cyberattacks cause losses that are expected to reach 2.3 trillion Brazilian reals in 2024. This means that Brazil’s gross domestic product (GDP) could be higher than 18%. year if the attacks had been prevented.
This situation emerges from a survey conducted by National Confederation of Insurance Companies (Cnseg)in which it was noted that between January and June 2024, cyber insurance achieved the best performance of the last five years, going from R$ 17.8 million in 2020 to R$ 110.6 million this year, with an increase of 512.4%. Compared to the same period in 2023, the increase was 12.7%, mainly motivated by companies’ concern to protect their business from the malicious actions of hackers.
João Fontes, coordinator of the financial lines subcommittee of the National Federation of General Insurance (Fenseg), highlights that in 2019 the total value of premiums issued by the insurance market in the event of cybercrime was R$ 21 million, an amount that has increased in 2023 up to R $ 205 million.
Aimed at companies, Cyber Risk insurance offers protection against direct damage caused by cyber attacks that generate financial losses, such as extortion and loss of profits, and information content, such as data leaks. Additionally, it can be used to cover claims arising from misuse of information and infringement of privacy and intellectual property rights.
According to him, the Brazilian market began to offer insurance for cybercrime cases only in 2012, but in the United States these products have existed since the 90s “They were products launched based on a need of society, especially since 2017, when there ‘It was a global hacker attack against the financial system, impacting more than 150 countries, including Brazil.’
Sandro Santos Souza, data protection superintendent at Master Bankhighlights that people are increasingly connected and aware of the power they have over their data. “This cultural shift will certainly continue to bring about significant transformations in the coming years. The General Data Protection Law (LGPD) was an important milestone.”
According to him, what financial institutions like Banco Master offer today is adequate, especially when compared to companies in other sectors in Brazil.
“According to a study carried out in September 2022, the General Data Protection Law (LGPD) It is still outside the reality of 80% of Brazilian companies. However, it is important to underline that despite progress, there is always room for continuous improvements in data protection.”
At Banco Master, the qualification of the personal data protection teams occurs through a continuous program of training, actions and awareness campaigns. “We have invested heavily in training, promoting a culture of privacy and, above all, technology, ensuring that all areas of the institution are fully involved and aware of the importance of respecting our customers’ data and privacy,” says Souza .
Source: Terra
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