Businesses of all sizes need to be ready for when (not if) a Cyber Attack occurs. Having a clear action plan is essential. In 2024 there were 87,400 cyber crimes reported, each with an average cost of:
- Small business $49,000
- Medium business $62,800
- Large business $63,600
Aims of Cyber Hackers Include:
- Stealing personal or confidential business data or funds,
- Identity theft
- Extortion demands by encryption or destruction of critical data or infrastructure.
1. Be Prepared – have a Plan
The key elements include:
- Managing Cyber Risks – who has responsibility internally for planning, detecting and responding to cyber security incidents;
- Test your Plan – conduct some trial cyber incidents to see if the plan is working;
- Cyber incident contacts who needs to be informed when immediate assistance is required.
- This should include your insurer or insurance adviser,
- Also consider if you required to notify a regulator, and
- Australian Cyber Security Centre: E: asd.assist@defence.gov.au; Ph: 1300 CYBER1 (1300 292 371); Online: cyber.gov.au
2. Active management of Cyber Risks – includes ongoing staff training, updating IT systems and software and multi-factor authentication. What are your key systems, data and accounts, and where are they backed up to?
The Australian Government provides a cyber incident response guide
3. Cyber Insurance – can help manage the financial and regulatory impact, it can cover damage to your systems, loss of income and legal liability to third parties.
Need help reviewing your cyber security strategy? Talk to MakSure Risk Advisers today.