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The Importance of Protecting Your Company Against Cyber-risks

Cyber-attacks, regrettably, have become all too prevalent in recent years, hurting a large number of organisations of all kinds on a regular basis, regardless of their size. As technology evolves and gets more complex, the types of crimes and threats perpetrated by cybercriminals also evolve and grow more sophisticated.

To make sure you are aware of the rapidly changing world of cybercrime, it’s important for you and your employees to get familiar with the numerous types of cyber dangers that exist and what to do if you or your company is targeted by one of them.

Some of the most prevalent types of cyber dangers that small businesses may face are discussed in this guide, along with recommendations on how to prevent your organisation from being a cyber-attack victim.

While you may be familiar with many of the terms being thrown around, such as phishing emails, ransomware, and other types of viruses, it’s important to understand the characteristics of the risks so that you know what to look out for and the steps you can take in response.

1. Ransomware is a type of malware

A ransomware assault on a firm in Australia can have a devastating effect on the organisation. These attacks can be launched upon any type of business, from one-man bands to large corporations, which is why it is important to be cautious and knowledgeable about what exactly a ransomware assault comprises in order to avoid being a victim.

When cyberthieves utilise malware to encrypt files, this is referred to as a ransomware attack. In order to decrypt the files, the crooks will issue a demand for a sum of money from the victim. A common recommendation is that business owners avoid paying the ransom because there is no guarantee that the company will unlock the files once they get the payment.

2. Phishing

A phishing scam is one of the most typical sorts of cyber hazards that many business owners may come across throughout the course of their careers. Emails, phone calls, and SMS messages imitating anything from a trustworthy organisation such as a financial institution, utility provider, or government agency are all examples of how it might manifest itself in numerous ways.

The goal of a phishing assault is to trick the recipient into disclosing personal information and details such as bank account and credit card information, as well as other sensitive information such as passwords, through deception.

During the year 2021, the Australian Competition and Consumer Commission (ACCC) received 71,299 reports of phishing attempts, with more than $4.3 million in losses due to scams reported. I

3. Malware

Malware is a type of cyber danger in which you may be sent a link to a news item or other types of click-bait content in exchange for your personal information. They can be sent via email, as pop-up windows on websites, as a text message, and, more recently, through social media messaging platforms.

Once the link has been clicked, it may take the user to a bogus website that appears and behaves quite similarly to a legitimate website. The cyber thieves will utilise things like well-known logos and branding to assist them in creating the false site, where you will be required to download certain software or a file in order to progress with the site’s functionality.

Malware can manifest itself in a variety of ways, including viruses and trojans, and is all designed to infiltrate your systems, access critical information, and potentially cripple your information technology infrastructure.

What actions can you take to assist safeguard your company from cyber threats and risks?

When it comes to defending your company from cyber-attacks, taking the time to learn what to look for and understand the many types of cyber dangers is a proactive move you can take to keep your company safe. More actions can be taken to protect your small business from the dangers of the cyber world, some of which we’ll review below.

Make your employees aware of the various types of cyber hazards that they may encounter. Make sure you put a comprehensive plan in place in the event that they do receive a link, text, email, or phone call that appears to be a phishing attempt. Being proactive and spotting a scam before it becomes a threat is a critical action that all of your employees should be aware of and do on an ongoing basis.

Depending on your industry, you may need to have many email addresses or different people with access to various accounts, such as social media accounts. It is critical to restrict access to these to a small number of people in order to reduce the likelihood of unauthorised access.

Check your information technology systems on a regular basis to ensure that all software and anti-virus tools are up to date.

Invest in Cyber Liability Insurance* to protect yourself.

Cyber liability insurance provides an additional layer of security for your company against unwelcome cyber threats and attacks. You can secure cyber liability insurance as a part of sole trader insurance against claims originating from Importance of Data Management breaches, business interruption, and costs associated with data breach clean up after a real or threatened data breach.

In order to learn more about Cyber Liability insurance for your business, or if you have any other questions about business insurance, contact an insurance broker. There are almost 6,000 different sorts of small business jobs in Australia for which different insurance solutions are available. Allow a broker to do the legwork for you, delivering various quotations with the click of a mouse, without the hassle of dealing with salespeople or filling out a slew of paperwork.

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