With a 14 per cent increase in the average cost per cybercrime for Australian businesses in FY21-22, it can pay to ensure you are doing all you can to keep your business cyber safe.
The impact of cyber-attacks on Australian businesses
Looking back at a survey of small to medium businesses conducted by the ACSC in November 2020, findings showed that business owners had an average, or below-average understanding of cybersecurity, and 9 out of 10 underestimating the impact a cyber-attack could have on their business.
The survey found that although 60 per cent of survey respondents had already experienced cybercrime in some form, they spent less than $500 on protective measures, with the main barriers to improving cyber safety including;
- Lack of IT savvy staff
- Perceived complexity of the risk
- General lack of planning
- Underestimation of the risks
In light of these findings, and more recent cyber-attacks such as the Medibank and Optus data hacks of 2022, it may be worth considering measures you can take to protect your business.
Protecting your business against cyber-attacks
Implementing these 8 cyber security measures, may help you to protect your business, and be better prepared.
- Application whitelisting – change your settings to only allow authorised programs to operate on your computers
- Patching applications – make sure you install web browser and application updates within 48 hours of release
- Application hardening – configure web browsers and other applications to block unauthorised programs and pop-ups.
- Restricting admin access – to operating systems and applications based on user duties. Regularly revalidate the need for privileges.
- Disabling macros – to block macros from the internet, and only allow vetted macros either in ‘trusted locations’ with limited write access or digitally signed with a trusted certificate.
- Turning on Multi-factor Authentication – especially for banking and accounting applications
- Daily backups – of system data and settings.
- Patching Operating Systems – updating Microsoft or Mac operating systems often and ensuring you’re not using old, unsupported versions (Microsoft 10 or below).
DID YOU KNOW? You can also add an extra layer of security and a financial back up for your business with cyber insurance. Depending on your chosen policy and extras, Cyber insurance can help you mitigate risks by offering support in the following ways;
- Cyber event response costs which may include digital forensics and legal expenses, amongst others
- Business interruption
- Cyber incident reporting requirements
- Crisis communications
- Multimedia liability
Get the peace of mind you deserve by speaking to an Aviso broker today to find out more about our cyber insurance solutions.
Disclaimer:
This general information does not take into account your specific objectives, financial situation, or needs. It is also not financial advice, nor complete, so please contact us to discuss whether these types of insurance are appropriate for you. These types of insurance are issued by various insurers and can differ. Coverage is always subject to the policy terms and conditions. Deductibles, exclusions, and limits apply Copies of Product Disclosure Statements/Policy Wordings can be provided upon request and should be considered before deciding if this insurance is right for your business.
Aviso Broking Pty Ltd – ABN 44 010 468 818 – AFSL 239041
