Everyone can be a cybercrime target.
If you are hit by cybercriminals, it can be costly.
Research has shown 60% of hacked SMEs are out of business in six months. That’s no surprise, given how devastating attacks can be, and illustrates the need for business leaders to be open and honest about the dangers.
Help protect your data
• Are all software licences up to date and antivirus updates enabled? Outdated software can expose businesses to potential attacks and trigger loss of clients’ personal information, leading to brand damage and rectification costs.
• Do you regularly review information stored internally? If old files are saved on local machines, ensure sensitive information, such as payment processing data or confidential trade secrets, is secure.
• Plan ahead. No one likes to think about a cyber-attack hitting their business but, if and when it does, you need to be ready. You need to know how to sustain operations even if data access is disrupted and act quickly to prevent distressed customers or lost revenue after an attack.
• Do you involve all the workforce? No business leader can prevent cybercrime incidents alone. It’s a team effort. If someone is left out of the cyber security planning process, that weak link might leave the organisation vulnerable. SMEs’ employees are the last line of defence. The most successful companies at preventing cyber losses lead from the top and educate their employees.
Take out the insurance coverage you need
Even if you are highly vigilant about preventing intrusions, they still happen. The best way to keep safe is to buy insurance to provide an extra layer of financial protection.
A cyber insurance policy is part of every successful business’s risk management framework. Cyber insurance is not the first line of defence; it is designed to protect a business when its IT security, policies and procedures fail to stop an attack.
Protection becomes more important as Australia introduces the new notifiable data breaches scheme, which starts on 22 February 2018.
You can obtain a cyber quotation by contacting our office on 1300 309 237 or email email@example.com here to edit.