Cyber Security and Your Business
The Australian Cyber Security Centre reports that hackers are not about to give up their attempts to breach cyber security protocols to target businesses within Australia. The money and power available through cyber attacks are just too alluring for those who are willing to risk breaking the law for the love of money.
Cyber attacks are why business owners need to make it a priority to learn more about cyber security. While the Government does its best to partner with industry to stop threats in their tracks, businesses need to be vigilant while online.
Preventative Measures Needed to Shore up Cyber Security
Without preventative measures, a business’s computer system may be vulnerable to those who would like to commit a cyber attack, such as hacking or holding its files for ransom. That’s why businesses must back up files frequently to off-site storage, a separate hard drive, or to the cloud. Make sure that your systems, devices, and account passwords are strong and frequently updated. Even better, confirm that the security system is updated often.
Without adequate cyber security, not only is equipment at risk but also your business finances. Cyber thieves can steal a person’s identity and make off with his or her money. The havoc they wreak with a business’s data and equipment can cause a drop in productivity as well as a lessening of customer trust. In the end, a cyber security failure can lead to a loss of customers.
A Safety Net Needed in Case of Cyber Security Failure
Even the most carefully crafted plans are sometimes not enough when it comes to cyber security. With hackers becoming more proficient by the day, there may come a time when they break into your system. That is why your business should consider cyber security insurance.
Cyber Security Insurance
As a standalone policy, cyber security insurance can help businesses recover from the data loss that results from security breaches. Some cyber security insurance policies even cover other online disasters such as massive outages which cause a major interruption in service.
Cyber Security Insurance for Small Business
Most small businesses think these types of problems will never happen to them. After all, they are only a small business and presume that hackers have more important things to do than to harass a small business.
As countless small business already know, that would be a false assumption. It is not only large businesses that fall victim to hackers’ ploys. Other, more minor players do target small businesses. In fact, research shows that more than 70 percent of cyberattack victims are small businesses. Are you prepared to handle these sorts of attacks?
What Type of Cyber Security Insurance Policy Does a Business Need?
Usually, a business needs some sort of first-party coverage. It will protect a company against losses from events such as:
- Lost opportunities to do business
- Damaged data, software, or other digital assets
- Increased operational costs due to the incident
- Ransom demands for compromised data
- Financial loss from cybertheft
If a company manages a network or system that holds others’ data, the company may want to consider third-party coverage as well. This kind of coverage can protect the company from costs incurred from:
- Employee-caused security breaches
- Lost or stolen customer data
- Notifying all your customers about a security breach
Other types of insurance coverage, depending on the policy, may provide additional compensation. This includes violations of intellectual property rights, damaged reputations, and defamation.
Not all business insurance policies cover every aspect of cyber security. It is up to the company’s manager, then, to read over the policy carefully. Asking an expert insurance broker with experience in cyber security can help you understand the complexities of different policies.
Naturally, this significant responsibility requires that companies find an insurance broker they can trust. For that, Advisr can help. At Advisr, you can find the most qualified insurance brokers for your specific needs. From there, you can connect directly with the insurance broker of your choice.
How to Prepare for a Cyber Attack
Prepare for Cyber Attacks by Forewarning Employees
The adage, ‘forewarned is forearmed’, couldn’t be more appropriate when it comes to a cyber attack.
Experts advise businesses to warn employees and management about the insidious ways hackers try to get to a company’s financial and customer data. Many phishers even use social media posts to gain trust—and therefore access—to a company’s files to steal.
Outsource Cyber Security If You Can’t Afford Your Own Department
Most small- to medium-sized businesses can’t afford a full-time cybersecurity staff, let alone one with cutting-edge expertise. Those businesses should consider outsourcing security to managed services or a cloud service that does have the manpower and expertise to keep a close eye on their security. Those who do are the most successful.
Monitor Employee Activity for Cyber Attacks
Some cyber attacks happen at the hands of employees. Have sensible restrictions in place to guard your sensitive data from unscrupulous employees.
Make It Difficult for Cyber Attacks to Occur
People don’t leave their office doors unlocked—so why would one do the same thing for their computers and routers? Stiffen security with strong passwords, with frequent security system updates, back up data frequently, encrypt data, and use egress filtering to make it difficult for hackers to get into the system. The more precautions taken, the more likely cyber criminals are to choose a more vulnerable victim.
Protect Home and Business with Cyber Attack Insurance
Finally, for complete peace of mind, consider insurance that can protect businesses or individuals from financial loss, should a cyber attack occur. To find an insurance broker you can trust to provide adequate cyber insurance coverage in case you are impacted by a cyber attack, choose someone whose ratings and reviews from other customers just like you show that they’re capable of handling your insurance needs.
For that, look no further than Advisr.com.au. Our rated and reviewed professionals are trustworthy, experienced, knowledgeable—and ready to serve.
How to Protect Your Business from Cyber Risk
Small businesses are just as vulnerable to cyber risk as are the world’s industrial titans. In fact, given today’s globally connected online environment, small businesses face more cyber threats than any other group. Unfortunately, these cyber attacks are on the rise, since they gain more sophistication with every new technological breakthrough.
Individuals and businesses need to take precautions now to minimise the chance of cyber threats. Here are some ways to protect both home and business from the growing threat of cyber risks.
Cyber Risk Protection Checklist
Don’t use the same password for every account. Mix letters and symbols, switching symbols with letters; for example, ‘$#ogun’ instead of ‘Shogun.’ Use inventive spelling. Combine languages. Never use numbers and letters in sequence, such as ‘abcde,’ or ‘54321.’ In a similar vein, don’t use generic words like ‘password’ or ‘passcode’. People who have difficulty remembering passwords can find an app or software tool, called a password manager, that will store passwords securely and generate them as needed.
Strengthen the security system:
Upgrade to a higher level of anti-virus software. Update it frequently to keep it current. Turn off any unnecessary services. Use two-factor authentication whenever possible for social media and other online accounts. The stronger the online security, the better the chance to avert cyber risk.
Have a backup system:
Consider cloud storage, an off-site service, or even a portable hard drive to back up files. Back up the files frequently to ensure less lost data in case of a breach.
Use patches to update your security system:
It doesn’t take much for a hacker to discover a vulnerability. Run security scans often to reduce the risk of cybercrime. Whenever a new patch comes in, update the system as soon as possible.
Use egress filtering:
Egress filtering keeps unauthorised, sensitive data and malicious software—should a device become infected—from leaving the home or business network.
Make sure that family members and employees are informed and proactive about security. Educate them about phishing and other scams that look like legitimate emails and phone calls, yet are actually ploys scammers use to get security credentials and other personal and corporate data. Don’t leave lists of passwords, documents with sensitive data, or credit cards lying around.
Even if a hacker doesn’t know a device’s sign-on password, they can break into its files with a thumb drive and a little know-how. Protect all of the device’s files from this insidious cyber risk with encryption software.
If something does go wrong, consult an information technology (IT) professional. Dealing with ransomware and viruses isn’t a DIY project. Consult an expert.
Get cyber insurance:
Protect both home and business from all types of cyber risk with an insurance policy tailored to their needs. Cyber liability insurance, too, may be a good idea, particularly if the business deals with its customers’ sensitive data.
Reduce Your Risk of Cyber Threats with the Right Policy
Find a trustworthy insurance broker that’s knowledgeable about cyber risk and how to best protect both home and business from dangers online. Find a trusted, experienced insurance broker on Advisr today.
Cyber insurance in Australia is a necessary purchase these days, with news of even more businesses getting hacked on a daily basis. When a business buys a computer or mobile device, the goal is to make life easier. That’s why it makes sense to insure that device and the data it contains with cyber insurance.
As Internet technology and usage grows even more across the country, so will the need for cyber insurance. In fact, the Australian Government’s Business.gov.au website reports an even greater need for this protection now more than ever before.
Cybercrime on the Rise in Australia
As Australian businesses depend more on online access for everyday tasks, criminals, unfortunately, have taken notice. Cybercrime has risen to new heights as hackers attempt to steal personal and financial information through security breaches and ransomware.
For that reason, many Australians have opted to purchase cyber insurance. Precautions such as updating and strengthening passwords, updating security software frequently, and buying data backup systems are definitely useful. But these steps may not be enough to fend off the most sophisticated cyber attacks. That’s why cyber insurance has become an essential way to better protect your business against the loss of data, equipment, and software.
Cyber Insurance Protects Against Potential Loss Due to Cybercrime
Investing in cyber insurance will give you peace of mind when it comes to protecting your business. Australian industry experts caution businesses that protecting customer data is well worth the investment. They need to protect themselves from the catastrophic loss that would occur should they lose all their data—or lose the funds in their bank account to a cyberthief.
Companies Should Consider Cyber Insurance
- To cover the costs of customer notification: Since businesses must now notify their customers when a data breach occurs, they need to look at the sheer costs involved in notifying their customers, let alone recover from the loss. Cyber insurance can recoup those costs and help the company get back on its feet.
- To cover financial loss: A loss of data can translate to hours and dollars recovering the information. If the company’s bank accounts also were breached, money may be gone as well. A cyber insurance policy can protect a company against such profound losses.
- To cover liability: What happens when a customer suffers such a loss that they feel the need to bring a lawsuit against the company? It pays to have an insurance policy that can cover any damages the Court awards to customers affected by the breach.
Small Businesses, Too, Need Cyber Insurance
Australian small business owners, too, should think long and hard before they overlook the idea of cyber insurance. After all, more than 70 percent of businesses who become victims of cyber theft are small businesses.
The time is now for companies to find the best cyber insurance in Australia for their protection. Do some research to find what type of coverage is necessary and then connect with an insurance broker who is an expert in cyber insurance. With such a broker by your side, you will receive the guidance you need to ensure you have the cyber insurance coverage you need.
Advisr.com.au connects you with insurance brokers you can trust that can handle your specific cyber insurance needs. Find a cyber insurance you can trust on Advisr.com.au today.
Cyber Insurance is a specific type of insurance that provides insurance against the loss caused by malicious cyber activity, commonly called cybercrime. Depending on the breadth of your cyber insurance, some cyber risks maybe covered by your cyber insurance policy, whilst other cyber risks maybe excluded.
Whilst cyber insurance won’t directly protect you against the cybercrime, it can provide an offset against the material business impact that cybercrime may have on your business.
What is Cyber Insurance?
Cyber Insurance offers an offset (insurance) against the financial, business and operational risks that businesses face from cybercrime activities.
A cyber insurance policy is sometimes referred to as cyber risk insurance or cyber liability insurance coverage.
In Australia, about 30% of businesses have experienced a cybercrime incident. Within the US, about one-third of businesses currently purchase Cyber Insurance coverage.
So what is cybercrime?
Cybercrime can take many forms and impact businesses differently. The Australian Cybercrime Online Reporting Network (ACORN) notes that some common types of cybercrime include:
- Online scams and fraud
- Identity theft
- Attacks on computer systems
- Illegal or prohibited online content
Cybercrimes are on the rise in Australia, with over six million Australians being victims of cybercrime in 2017, an increase of 13% from 2016.
Cyber insurance policies can offer protection against many different cyber risks where a business may be exposed. So ensuring that you understand what your specific individual risks might be and how you can reduce your direct exposure to them is critical.
Do standard business packs cover you for cyber insurance?
Some business packs might provide some coverage for cyber insurance, however, Cyber Insurance Brokers that are specialists in cyber insurance should be consulted to gain specific insight and advice that is tailored to you and your business needs. Many insurance brokers will offer to review your current business insurance policies and explore your possible cyber risks to help you understand if your insurance coverage is adequate.
Connect today with an insurance broker who specialises in Cyber Insurance.
Advisr has won the Insurance Business Insurtech Pitch for 2018. Held recently at the Insurtech Summit 2018 in Sydney.
On the day, Advisr was selected as the best pitch winning a $20k marketing package with Insurance Business.
WHAT IS AN INSURTECH?
Insurtech is the combination of Insurance with technology and covers businesses that span this ecosystem. Advisr is an insurtech as we seek to use technology to make it easier for people to find insurance brokers they can trust.
WHAT WAS OUR PITCH?
We had 3 minutes to pitch.
3 minutes is both a long time to say something simple and a short time to say something complex. So for us, delivering a simple and coherent pitch message was critical.
Here is a summary of our pitch and the structure we followed.
Identify a problem that the audience can agree with.
We know that insurance brokers have a trust problem. Currently, nine out of ten people don’t think that an insurance broker is highly ethical or trustworthy. Lack of trust is a problem for every insurance broker as people only do business with people they trust.
We supported our problem with some easily digestible data to bolster the message (note: this was the most complex slide we showed as being simple people we love a simple message)
Provide a solution that makes logical sense.
The Advisr platform makes it easy to find and connect with an Insurance Broker you can trust.
Advisr highlights both the broker and the insurance brokerage because customers care about the name on the door and the person they work with. In addition, Advisr captures ratings and reviews, enables world-class insurance content to be published by experts and for customers to ask questions and get answers.
All features of Advisr that educate the market, initiate relationships and build trust.
Show traction; others in the market are using Advisr already.
Insurance businesses are growing on Advisr.
The map of Australia shows where new business had been generated for insurance brokers via Advisr. Customer usage and engagement shows that Advisr is working and our ecosystem is building momentum.
The map shows our national footprint quickly and that Advisr is for all insurance brokers Australia wide.
HOW DOES IT FEEL TO HAVE WON?
As a startup, getting the product and market validation is a critical step. Since winning, we’ve noticed an acceleration in the takeup of Advisr from insurance brokers and an eagerness to engage, claim profiles, generate reviews and add content. All activities that enhance the value of Advisr to consumers and increase their engagement.
We’re motivated to be working on a problem that needs to be solved and to have a solution that is delivering growth to the market.
Whilst business is not about 3 min pitches, business is about connecting quickly with an audience about a problem they have and delivering a solution, that exceeds their expectations, to resolve their problem.
So getting a clear, tight message is for pitching and for communicating with customers who live in a busy fast paced world.
WHY DID WE WIN?
All the pitches were great.
The different product offerings were excellent, are solving real market problems and have great Insurtech solutions. I look forward to seeing them all succeed.
I believe that we won because we had a message that was easier to digest and connected quickly with the audience.
WHAT DID WE WIN?
We won $20k worth of marketing support from Insurance Business. Thanks, Insurance Business, this is a great prize for a B2B insurance business and will connect us further with the insurance brokers that we serve.
ENCOURAGEMENT FOR OTHER STARTUPS?
Competitions are great channels to market.
Find both industry-specific competitions; such as Insurtech or Fintech pitches, and generic startup pitch competitions; such as Launch Festival, TechCrunch Startup Battlefield Australia and Friday Night Pitches at Fishburners.
Getting out and pitching helps you to refine your message, test your phrasing to see what lands with the audience and what misses the mark and helps to build your public profile.
Customers are in the audience
It can be hard to get 3 minutes with prospective customers so I found being at Insurtech Summit a great way to connect with customers that I’d otherwise struggle to reach and get a meeting with. After the pitch, several senior insurance brokers approached me requesting follow up meetings.
Investors are often judges
Investors, VCs, HNWs and others can be called upon as a judge in pitch competitions. Pitching in front of high calibre judges gives you the ability to connect directly with them both on the day and subsequently. Some angles to try are to seek feedback on what they liked and what they’d improve OR what part of your business most excited them and which part felt was dull. Investors have time, so building a relationship with them based on consistency, authenticity and coachability can help when it comes time to raise funds.
What is next for Advisr…
So, now we have a giant novelty cheque, some highly relevant meetings to prepare for and a business that has taken one more step in its journey.
If you need help to find an insurance broker you can trust, try Advisr.
Thanks for reading.
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- Brett Thiedeman
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Want to make the list next month?
Share your profile with your clients, generate some great reviews and did you know you can feature your content on Advisr and link it to your profile as an Experts Opinion.
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