Insuring for Cyber Security
The recent Medibank and Optus cyber attacks demonstrate that cyber is a key risk for every organization in Australia. Even the highest level of IT security will not prevent a cyber attack, this is because cyber criminals will exploit human error in order to gain entry into a Network and cause damage.
In 2022 the Australian Cyber Security Centre reported:
- 76,000 cyber crimes reported in Australia. This equates to one every 7 minutes
- The average cybercrime for a small business was $39,000 and $88,000 for a medium business
- Up to 200,000 internet routers in small businesses and homes vulnerable to attack
(Source: Australian Cyber Security Centre Annual Threat Report 2022)
Cyber insurance protects an organization from internet risks including:
- Third party claims for failure to keep data secure
- Business Interruption for lost revenue following an attack
- Response costs to recover from an attack
- Social Engineering and Fraud when the insured is tricked into transferring funds to Cyber Criminal
Tempo Tips
- Cyber Insurance does not replace cyber security
- Cyber attacks frequently occur when our guard is down such as late at night and weekends
- Multi-factor authentication is a must have for your Network
For more information and cyber security tips, visit the Australian Signals Directorate.