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.
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.
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.
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