Cybercrime and data protection: How companies can protect themselves

Minimising risks is one of the central tasks of a management. In addition to risks such as natural disasters or faulty maintenance, cyber-attacks are increasingly causing enormous damage and are now one of the most frequent causes of damage. In 2021, the number of cyber-attacks increased by over 12%. The interest and motivation of the perpetrators are diverse and range from industrial espionage to blackmail (so-called ransomware) to politically motivated actionism.

As a result of these attacks, undertakings often suffer long-term damage. However, in addition to the purely financial damage, the non-financial damage can be significantly higher, especially if it leads to a loss of customer trust or reputational damage. In addition, the COVID 19 pandemic has created further risks with the associated rise to work in the home office. If, for example, the use of private computers is permitted for dialling into the company network, the IT security of undertakings can be jeopardised as a result due to inadequate security mechanisms in the home office.

In a recently published article Bodo Meseke and Gesa Pari Schatz describe how cybercrime can be a challenge for undertakings and how they can prepare for cyber incidents. Special attention is given to data protection issues that may arise and how to mitigate damages.

These are the upcoming dates for our Annual General Meetings:

Thursday, 21 March 2024
Thursday, 20 March 2025