The Evolving Threat of Cyber Crime: Is Your Business Next?

In the past year, the number of reported Cyber attacks have damaged more networks and exposed more consumer data than ever before.

While there are certainly more attacks occurring year on year, more stringent laws have been put in to place that mean greater transparency is necessary when a breach does occur. This has meant that there have been may more organisations having to disclose a lot more breaches than ever before. With Cyber risk at the top of mind of many Australian business owners, it’s important to ensure you are prepared.

Evaluating the Risks of Cyber Threats

The risks of cyber threats will exist as long as you rely on computers and online programs in your work.  Cyber criminals look for information and data on your business, employees and customers. They develop a number of ways to exploit weaknesses in your business such as:

  • theft or unauthorised access of hardware, computers and mobile devices
  • infect computers with viruses and malware
  • attack your technology or website
  • attack third party systems
  • spam you with emails containing viruses
  • gain access to information through your employees.

It’s important to be aware that human error is most often the avenue through which an attack will occur.

The following can help minimise the risk of cyber crime as a result of human error:

  • Develop clear policies and procedures for your business and employees. Outline the security measures you have put in place on how to protect your systems and information assets.
  • Ensure employees are trained.  Consider using video in training, showing an attack or attempted attack as a case study to share with employees.
  • Try to educate corporate clients about the risks of business email compromises.
  • Educate your C-Suite and Board of Directors with regular cyber threat updates to ensure they don’t let their guards down.
  • Create a disaster recovery plan. If you base this on an existing model, the work has already been done for you.
  • Conduct a fake attack on employees by sending an unsolicited email.  If the employee clicks the link within the email, it will expose vulnerabilities in the business and highlight where additional training may be necessary.

Other cyber risk management strategies include:

  • Keep computers, website and Point-of-Sale (POS) systems up-to-date with all software release updates or patches.
  • Ensure all important data and information is backed up regularly to minimise the damage in the event that a breach occurs to your systems.

Some of the challenges in protecting businesses from cyber risks include budget restrictions, out-dated legacy systems, staff mobility, and lack of time to implement solutions.  There are certain things that you can do to implement a risk management plan to protect your business from cyber crime.

The threats posed by cybercrime will continue to evolve as technology does.  So it is important that your organisation continues to adapt and update strategies. their strategies. Cyber Insurance can also help to protect your business. Speak to your insurance advisor to see if this would be a suitable option for you.

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.