Cyberattacks: A major new challenge for business

Following significant cyberattacks on various government administrative websites in France, the Bank of France hosted a symposium as part of Financial Education Week 2024.

Digital transformation is presenting businesses with new obstacles, and cyberattacks are one of the main challenges that companies must address to secure their operations.

Lieutenant Colonel Jean-François Lalouyer, representative of the national cyber unit of the Gendarmerie, emphasized during the symposium that companies should not ask themselves if they will be the target of cyberattacks, but when they will happen. The statement came shortly after a recent wave of computer attacks on French government websites.

According to the 2023 activity report of Cybermalveillance.gouv.fr, a national system to help victims of cyberattacks, ransomware attacks rose to a four-year high last year. These attacks consist of infiltrating victims' networks, stealing data, encrypting files and demanding a ransom for their release. In 2023, 7% of the 280 000 requests to the Cybermalveillance.gouv.fr helpdesk came from businesses. However, it remains difficult to determine the exact number of cyber fraud incidents affecting businesses, including presidential scams and ransomware, and their economic impact.

"We have a fragmented picture. Business owners are often hesitant to report incidents because of a sense of shame," explains Mark Botorel, national cybersecurity reporter for the Confederation of Small and Medium Enterprises (CPME). "While not all ransomware attacks are successful, the ones that do occur cause tremendous damage, adds Lt. Col. Laloyer. In addition, the financial impact on companies is compounded by the loss of trust from partners and customers. When a service provider of a large corporation falls victim to an attack, it undermines trust in the entire supply chain," he elaborates. The ransomware market continues to grow rapidly and become increasingly competitive, making it accessible to small-scale cybercriminals who indiscriminately target different types of victims, posing a threat to the most vulnerable businesses, as Cybermalveillance.gouv.fr emphasizes.

Marc Botorel emphasizes that the return rate of phishing campaigns on the Internet is only "10 per 10 000" and stresses that "cybercrime remains profitable and will continue".

Scenario Check

In the face of this threat, experts say there are effective solutions. According to Mark Botorel, "taking certain measures is simply a matter of common sense": using strong, unique passwords for each account, two-factor authentication, installing anti-virus and firewall software, and backing up data offline. He asks the rhetorical question, "Would you behave in the digital world the same way you do in real life? Would you have one single key that unlocks your house, car and bank account and then make copies of it to scatter around?" According to Laurent Verdier, director of awareness for the website Cybermalveillance.gouv.fr, the key to effectively countering cyberattacks is preparation. This includes staying informed, developing a methodology, raising awareness among employees and seeking professional help.

"Conducting crisis management exercises is crucial, agrees Marc Botorel. "It's important to plan how to respond to an attack and 'model the scenario'." Do I have an emergency contact email? How will I inform employees and customers? How will I file a complaint?" - he says. While cyber risk is gaining prominence in insurers' assessments, it remains a "nascent market," says Mark Botorel. "You know how to respond to a fire; your survival is at stake," adds Lt. Col. Laloyer.

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