No business too small to face cyber attack risk

No business too small to face cyber attack risk

Your a small business owner and may not consider yourselves prime targets for cyber attacks.

You may assume big companies have more information to steal and more profits to siphon off, so they’re targeted most often by criminals online. In reality, the opposite is often true.

Everyone can be a cybercrime target – even SMEs – and the onus is on SME owners to stand up to the cybercrime epidemic, spread awareness and do their part to prevent incidents. That process begins with simply admitting the problem exists.

If your hit by cybercriminals, it can be costly.

Research has shown 60% of hacked SMEs are out of business in six months. That’s no surprise, given how devastating attacks can be, and illustrates the need for business leaders to be open and honest about the dangers.

Protect Your Data

• Are all software licenses up to date and antivirus updates enabled? Outdated software can expose businesses to potential attacks and trigger loss of clients’ personal information, leading to brand damage and rectification costs.

• Do you regularly review information stored internally? If old files are saved on local machines, ensure sensitive information, such as payment processing data or confidential trade secrets, is secure.

• Plan ahead. No one likes to think about a cyber attack hitting their business but, if and when it does, you need to be ready. You need to know how to sustain operations even if data access is disrupted and act quickly to prevent distressed customers or lost revenue after an attack.

• Do you involve all the workforce? No business leader can prevent cybercrime incidents alone. It’s a team effort. If someone is left out of the cybersecurity planning process, that weak link might leave the organisation vulnerable. Your employees are the last line of defense. The most successful companies at preventing cyber losses lead from the top and educate their employees.

Find the insurance coverage they need

A cyber insurance policy is part of every successful business’s risk management framework. Cyber insurance is not the first line of defense; it is designed to protect a business when its IT security, policies, and procedures fail to stop an attack.

Protection becomes more important as Australia introduces the new notifiable data breaches scheme, which starts on 22 February 2018.

Gerry Power, National Head of Sales at Emergence Insurance, says cyber insurance is designed to support businesses by providing an incident response team to help clients who suffer cyber events.


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