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Cyber Attack

May 31, 2018
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Business Insurance Cyber Insurance

How to Prepare for a Cyber Attack

In early 2018, headlines announced that Australia has endured yet another Russian-generated cyber attack. Nearly 400 Australian companies fell victim to the latest nationwide attack.

The scary thing is‚ one needn't be an enterprise-level company to become a cyber attack victim. Lower-level thugs target small businesses on a daily basis, looking to make fast money and move on to the next victim. In fact, over 70 percent of all cyber attacks victimise small businesses, say researchers.

Vigilance, from the home personal computer to the global corporation, must become a habit to adequately prepare for a cyber attack. According to ComputerWeekly.com, the hacker market has become almost a 'marketplace' complete with ratings, websites, and 24/7 customer support.

That means, according to the tech industry journal, that Australia's small- to medium-sized businesses must harden their defences against phishing and ransomware. Phishing and ransomware are the most common ways cyber attacks go after smaller businesses.

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

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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.

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cyber attack

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Andy Jamieson, ABN 17 613 588 266