How cybercrime could affect your business

In this emerging digital age, we now face an array of new and increasingly sophisticated cyber threats. Whether it be an unintentional data breach by an employee or an external phishing email or malware scam, it can take just one cybercrime incident to cause serious financial and reputational damage to your business.

The cost of cybercrime

According to the Cyber Security Review, cybercrime is costing the Australian economy up to $1 billion annually in direct costs alone. That is why it is important to increase cyber resilience across the board and implement more robust incident management strategies to reduce both the risks and impact of cybercrime.

The cost impact of cybercrime is not just the direct monetary loss, but also the costs associated with extensive information loss and business interruption.

The following graphic from Stay Smart Online shows just how much of an effect it can have on a business of any size.

How can you protect your business?

Anti-virus software alone will not guarantee your business is completely protected from cybercrime. Crimes such as fraud, scams and harassment by cybercriminals often involve sophisticated logins and servers to avoid detection and prosecution.

In many cases, the cost of a breach can easily exceed the costs of investing in defensive cyber security practices. So businesses of all sizes are urged to take a proactive approach to ensure they are in the best position to minimise the impact of an attack.

To help protect you and your business from cybercrime, consider below.

  1. Ensure you are signed up for a full-service internet security suite
  2. Use strong passwords and multi-factor authentication
  3. Conduct security updates, scans and patched to ensure operating systems, software, mobile devices and applications are updated regularly
  4. If your company posts on social media platforms, regularly manage your social media settings
  5. Strengthen your home network (could be particularly important if your staff are working from home)
  6. Keep up to date on major security breaches that may have been reported by other affected companies
  7. Take measures to help protect yourself against identity theft
  8. Invest in cyber security
  9. Educate staff and clients about how to secure company and personal data
  10. Consider taking out suitable insurance cover
How Resilium can help

Above all, prevention is the best vehicle for defense against cybercrime. Speak to your local Resilium Adviser today about finding reliable insurance cover for your business’ cyber risks.

The information provided in this article is of a general nature only and has been prepared without considering 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.