Cybercrime costs escalate for Australian business – are you insured?

Did you know that cybercrime costs Australian businesses an estimated $4.5B annually?

Despite this alarmingly high figure and the growth and reliance on technology in business, it remains one of the least understood and underappreciated insurance risks.

The severity of this risk was highlighted recently in the ransomware attacks which sent hundreds of businesses and governments across the globe into panic and unable to operate.

Don’t think this will happen to you? Think again!!!

The numbers say that globally there are 556 million cybercrime victims every year (and growing fast!).

That’s 1.5 million per day and 18 every second. Maybe a little concerned now?

Well at the very least, it’s time to pause and think about the risk to your business. How would you recover if your computer systems were attacked and you couldn’t operate your business for a length of time?

Specialised insurance is the only way to protect against the losses incurred post-cybercrime but you can also reduce your risk of becoming a victim by following some of these simple tips.

Passwords, email, social media sites and out-of-date software all provide opportunities for cyber criminals. To help prevent an attack make sure you:

  1.   Use and regularly update your firewall and anti-virus software.
  2.   Back-up all important data regularly. Do this as frequently as possible and keep the back-ups in a separate location and on a hard drive or in the cloud.
  3.   Use passwords of more than six characters with a combination of letters and numbers. Don’t save your password on your computer or share it with others. Always change your password regularly.
  4.   Email is the most likely route for cyber criminals. If the email isn’t from a person you know or people you typically conduct business with, be cautious and do not open it.
  5.   Use appropriate privacy settings on social media sites to prevent cybercriminals accessing your personal information.

The final piece in protecting yourself against cybercrime is to contact Aviso EIA Insurance Brokers and get a free risk assessment and recommendation for insurance cover that will help you recover from a cyberattack. Call now Eagle Farm 07 3630 1823 or Ashmore 07 5564 7333.