As businesses continue to move more operations online, cyber attacks on SMEs are becoming increasingly prevalent. In Australia, a cyber attack occurs every 8 minutes. Last year alone, $33 billion was lost due to cyber crime, with 58% of those impacted considered small businesses. The average cyber attack costs businesses over $300,000 due to funds transfer fraud, business interruptions, and data breaches of confidential information.
Cyber crime occurs most often when cyber criminals identify and exploit vulnerabilities within an SMEs security frameworks, infiltrating networks, stealing IP addresses, and breaching private data. However, there is still a risk to businesses which operate predominantly offline. Email servers, point of sale and accounting software can be used as gateways for cyber criminals to enter online. It could even be as simple as losing a mobile phone or opening the wrong file or link in an email.
An increase in the volume and sophistication of cyber crime makes insurance against online threats essential for businesses who cannot afford the time, impact to their operations, and costs associated with cyber threats.
What does cyber crime include?
· Funds Transfer Fraud
· Malware and Ransomware
· Identity theft
· Data breaches
· Phishing scams
· Irreversible encryption of customer data
An increase in the sophistication and volume of cyber crime makes insurance against online threats essential for businesses who cannot afford the loss of time, impact to their operations, and costs associated with cyber threats. Attempted cyber attacks are considered all but inevitable for SMEs– a case of ‘when, rather than if’ they will occur.
Cyber Insurance is designed to help protect your business from the financial impact of cybercrime. Types of cover include Business Interruption Losses, Cyber Extortion, Electronic Data Replacement, Security and Privacy Liability and more.
In recent months there have been warnings from the Australian Government, asking business owners in the construction industry to take action. Click here to read more.
Case Study. A civil contractor received an invoice for $125,000 worth of stock via email. The contractor paid the invoice by transferring funds online to the account details provided on the invoice. It was not until the payment terms had passed, however, that the contractor realized payment had not been received by the vendor. It was discovered that the email sent to the contractor had been intercepted by cyber criminals, who changed the invoice details, redirecting the funds to a fraudulent account.
Cyber Protection Insurance is designed to help protect your business from the financial impact of computer hacking or a data breach.
At MKP, we’re partners with you. We can help you find the most suitable product that meets the needs of your business and help protect it against the financial impact of cyber crime.
For a no obligation discussion and the most suitable cyber insurance solution, click here to get in touch online or call 1300 000 657 to discuss the needs of your business.
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