Cyber Insurance
Cyber Insurance can play a key role in protecting businesses from online crime
As cyber attacks on SMEs become increasingly prevalent, Cyber Insurance can play a key role in protecting businesses from online crime.
Often overlooked by SME owners, the threat of cybercrime to small and medium business in Australia has substantially risen over the past year. As more Australians have made the transition to working from home, an explosion of online fraud has followed.
Cybercrime is estimated to cost the Australian economy over $1bn annually[1], with 58% of all data breaches categorized as small businesses.
It is therefore essential for SMEs to be vigilant when it comes to protecting their operations and staff from cyber threats, and Cyber Insurance can play a key role in safeguarding a business in the event it is subject to an online attack.
Cybercrime is criminal activity in which a computer or network is integral to, or the target of, an offence. Cybercrime committed against businesses can encompass conduct such as:
- Identity theft
- Use of malware
- Computer and network hacking
- Unauthorised modification or destruction of data,
- Distributed denial of service attacks
- Online scams
- Phishing scams
- Fraud
- Information theft
- Extortion
Cyber Insurance is designed to help protect your business from the financial impact of Cybercrime. Cyber insurance policies vary in the benefits they provide.
Moody Kiddell’s insurance team can help you find the most suitable Cyber insurance product.
The Role of Cyber Insurance and Protecting Your Business
Cybercrime is an ongoing threat, and Cyber Insurance should be just one component in a suite of protections. At Moody Kiddell & Partners, we advise taking the following precautions:
Keep software and operating systems updated
Keeping your software and operating system up to date ensures that you benefit from the latest security patches to protect your computer.
Use strong passwords and implement multi-factor authentication
A combination of strong passwords and multi-factor authentication makes it much harder for someone to access your systems.
Exercise caution when opening messages, attachments and links from unknown senders
An easy way for your computer to get infected by malware attacks and other forms of cybercrime is via email attachments in spam emails. Never open an attachment or click on a link from a sender you do not know.
Be wary of requests for personal details
Scams are not limited to emails, they can be through SMS, phone calls and social media.
Be mindful of which website URLs you visit
Keep an eye on the URLs you are clicking on. Do they look legitimate? Avoid clicking on links with unfamiliar URLs.
Educate your staff
It is essential that your employeesreceiveregular training so that they become aware of potential threats and risks as well as understanding your cyber security policies and procedures.
For a no obligation discussion contact our team today, call 1300 000 657 or click here to use our contact form.
The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs.
Moody Kiddell & Partners (Insurance) Pty Limited ABN 48 071 572 828 AFSL 512898
