Safeguarding Cyber space – how safe is your business?

In this digital age, businesses of all sizes face an increasingly complex and formidable adversary: cybercriminals. The landscape of cybercrime is evolving, such that even an innocent computer keystroke can unlock boundless unforeseen perils. Given that cyber incidents have surged by over 50% in the past year alone, it’s no wonder that cyber insurance is becoming one of the most searched for insurances out there.

From sophisticated ransomware assaults to insidious phishing schemes, malicious cybercriminals have become adept at exploiting potential vulnerabilities, leaving a wake of financial ruin and reputational damage in their path.

Resilium Managing Director, Ben Hastie, says of the continuing evolution of cyber threats that, “Cybercrime really knows no bounds, and its impact is far-reaching such that it can cripple businesses, disrupt important supply chains, and lose customers and their trust instantly.”

“At Resilium, we recognise the safeguarding of businesses against the ever-looming risk of cyber threats,” explains Mr Hastie. “With tailored insurance solutions designed to mitigate risk and that can provide swift recovery in the event of a cyber-attack, cyber insurance for businesses seems like a no-brainer in this increasingly hostile digital landscape.”

Cyber insurance can help weather the cyber storm

Recent statistics from the Australian Cyber Security Centre highlight the efficacy of cyber insurance in fortifying businesses against cyber threats.

An estimated 60% of small to medium enterprises (SMEs) lack adequate cybersecurity measures, leaving them vulnerable to exploitation. However, those supported with cyber insurance have been better equipped to weather the storm, with 80% experiencing minimal disruption and financial loss in the aftermath of an attack.

In a recent ABC news story, a CEO of an Australian manufacturing firm recounted her company’s brush with cybercrime. “We thought we were immune to cyber threats until we were hit by a ransomware attack that brought our operations to a grinding halt. Thanks to our cyber insurance coverage, we were able to swiftly recover and resume business without enduring catastrophic losses.”

Testimonies like these echo a resounding truth: cyber insurance is not a luxury but is increasingly being seen as a necessity in today’s digital age. As cyber threats continue to proliferate and evolve, businesses must proactively fortify their defences and consider arming themselves with the additional protective mantle of cyber insurance.

Resilium’s Managing Director, Ben Hastie adds, “The cost of prevention simply pales in comparison with how much it can cost to truly recover from a Cyber incident. Cyber insurance isn’t just about mitigating risk; it’s about ensuring business continuity and preserving peace of mind in an increasingly unpredictable world.”

Things that may help protect you from a Cyber-attack.

1. Ensure you are using extra security measures like multi-factor ID authentication for portable devices like laptops, iPhones and iPads.
2. Conduct ‘safe web browsing’ – do not click on things that look legitimate. Always check the URL and whether it is from a trusted sender.
3. Email security is vital – Do not use your personal email for work purposes, never open attachments on unfamiliar emails, do not 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, and family names. Consider using full-sentence passphrases with numbers or symbols (i.e., WelcomeToSharePoint2018!)
5. Lock up important business materials – Do not leave papers, computers or other electronic devices visible in an empty car or house.
6. Shred sensitive paper records before disposing of them – Cybercriminals have been known to go through people’s bins to find personal data and use it for Cybercrime.
7. Cyber insurance – Talk to a Resilium Adviser about your Cyber risk profile and how you can be protected.

How Resilium can help

Prevention is the best vehicle for defence against cybercrime. Staying informed about the newest online fraud tactics is also crucial in reducing vulnerability. Adding cyber insurance to your overall business insurances can significantly alleviate the financial repercussions of potential cyber incidents, offering reassurance and stability in uncertain times.

Connect with your nearby Resilium adviser today to assess your business’s specific risks and vulnerabilities and discover how cyber insurance can provide the peace of mind you need.

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.

Sources

Cybercrime in Australia 2023 | Australian Institute of Criminology (aic.gov.au)

‘Everyone a target’: New terror facing Aussies (msn.com)

Firms respond to rising cyber threat | Insurance Business Australia (insurancebusinessmag.com)

Australia is the no.10 most targeted country for phishing attacks – Cyber Daily