Cyber security will be a key risk for years to come

Consider what it would be like to have a power outage for weeks – no electricity to run your fridge, television, charge your phone or computers and more. While such a situation sounds farfetched, the reality is that this scenario is increasingly becoming a very real possibility given the continuous Cyber warfare being conducted by Cyber criminals around the globe.

In recent months Australia was hit with a range of Cyber-attacks that severely impacted both Government and business, prompting Prime Minister Scott Morrison to formulate a Cyber Security Strategy in June 2020.

The strategy document indirectly acknowledges the fact that a possible nightmare Cyber-attack, which could seriously derail businesses and Government departments, is now no longer just a possibility but is more likely a probable reality.

Cyber intrusions already cost the economy billions of dollars a year and the Morrison Government has now promised more than $1.6bn to combat cyber threats and help businesses that have been attacked.

However, what happens in the interim to those businesses that don’t have adequate Cyber security systems in place and are disrupted by a Cyber incident?

“There’s a very good reason that Cyber security has been identified as the number one global business risk and that is because such incidents are becoming more frequent (there was a 120 per cent rise in cyber-attacks in June 2020 alone) and their impact can have devastating consequences,” says Adrian Kitchin, Managing Director of Resilium.

“Whether it’s phishing, ransomware or denial-of-use Cyber-attacks, Cyber incidents have the ability to bring a business to its knees.”

Unlike the stereotypical robber who physically steals property, Cyber criminals are able to use sophisticated technology to steal identities and or disable a company with just a few clicks of their keyboard.

 “It’s no wonder that Cyber-crime is on the increase because of the easy way hackers can commit a crime sometimes hundreds of thousands of kilometres away from where the Cyber incident has taken effect,” Mr Kitchin says.

“Due to their IT expertise, Cyber criminals can use technology to cover their tracks, making it almost impossible to track them down.”

It’s why more and more businesses, large and small, are starting to realise the importance of having a Cyber Safe workplace and implementing systems to help to prevent disruptive Cyber incidents from taking place.

“I believe it’s got to the point that businesses should consider that it’s no longer a case of ‘if’ a Cyber-attack may happen, but more a case of ‘when’,” Mr Kitchin explains.

Unfortunately, some business owners only realise the value of Cyber security when it is already too late – once their business has been held to virtual ransom and experienced the disruption of ensuing revenue loss, lost customers, brand damage, critical data lost, and ongoing operating costs that still need to be paid.

“Businesses can no longer afford to be complacent about their Cyber safety and should consider seeking comprehensive Cyber safety solutions from a reputable IT provider to provide some protection before it is too late,” he says.

In addition to enlisting Cyber security protection from a reputable provider, many businesses are also including Cyber Insurance as an integral part of their insurance profile.

The good news is that there are a few things you can do to mitigate the chances of a Cyber-attack, including the following options below.

7 steps that can help safeguard your business from a Cyber-attack.

1. Consider using extra security measures like multi-factor ID authentication for portable devices like laptops, iPhones and iPads.
2. Conduct ‘safe web browsing’– don’t click on things that look suspicious. Always check the URL and whether it’s from a trusted sender.
3. Email security is vital– Do not use your personal email for work purposes, never open attachments on unfamiliar emails, don’t click on any suspicious links within emails and consider the email itself as to whether the links look strange or there are spelling/grammatical errors.
4. Password protection– Avoid common passwords which include seasons, city names, pet names, family names. Consider using full sentence passphrases with numbers or symbols (i.e. WelcomeToHome2018!)
5. Lock up important business materials–Don’t leave papers, computers or other electronic devices visible in an empty car or house.
6. Shred sensitive paper records before disposing of them – Cyber criminals aren’t just behind a computer screen and will go through bins to find personal data.
7. Cyber insurance– Talk to a Resilium Adviser about your risk profile and how you can be protected.

Talk to your local Resilium Insurance Adviser today about how Cyber Insurance can give you peace of mind that your business will stay operational even if it has been breached by a Cyber incident.

The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Resilium directly.

[1] https://news.microsoft.com/apac/2018/05/18/cybersecurity-threats-to-cost-organizations-in-asia-pacific-us1-75-trillion-in-economic-losses/

[2] Allianz 2020 Global Risk Barometer https://www.agcs.allianz.com/news-and-insights/reports/allianz-risk-barometer.html

[3] https://www.news.com.au/technology/online/hacking/remote-workplaces-create-perfect-system-for-hackers-as-cyber-attacks-on-the-rise-experts-warn/news-story/39f0227d3b63f3099075cb21e5b9c152?fbclid=IwAR2PW3woX_csbGKn949aJVYyrBDe7f8boZXqz1GW3J964nllyIG5t-XwV28