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No Business too Big, or too Small, for Cyber Breaches

Cyber Insurance Business Insurance Hospitality and Recreation Insurance Retail and Consumer Insurance Professional Services Insurance Technology Sector Insurance

Last week, I was contacted by a business owner with an email that looked entirely legitimate. The email had a link to a dropbox with a bunch of files. When I opened the link, it took me to a spoofed Microsoft 365 login page, which had I have attempted to login, would've then compromised my own email system and potentially those of my clients, as well as lots of data and information.

I reached out to this business owner to advise them of the breach so they could take steps to resolve the issue, however the note to take here is that even if you are a business that uses email as the ONLY technology in business, you can still be subjected to cyber breaches, and the financial and business losses associated with those.

4 Easy Steps to Start Risk Management of your Cyber Infrastracture

- Change your passwords every 30 days

- Enable 2 Factor Authentication to prevent logins from other locations

- Triple check the weblink of any external websites opened from your emails

- Contact customers via phone to confirm bank details for financial transactions rather then assuming the email is correct.

These few simple steps will put you a long way down the road to protecting your businesses technology platforms.

Cyber Insurance then adds a reactive or responsive layer of protection, both for your business, and 3rd parties, which can include clients and suppliers, both of which business owners should be responsibly protecting to ensure the continuity of both your own business, but theirs as well.

What's Covered

- Social Engineering & Funds Transfer Fraud
- Business Interruption (Both 1st & 3rd Party)
- Privacy Breach Notification
- Crisis Management Costs
- Data Recovery & System Damage
- Regulatory Defence and Fines

Among others, which sees it as a truly holistic, responsive post event response, and a second layer of effort made within your business to protect it, your customers and your suppliers. Where a business takes these steps to protect their business, they are demonstrating that they are a responsible, trustworthy business looking out for the best interests of their customers.

So whether your business has a generic email account to send and receive invoices, through to a corporate business with complex IT and cyber security assets and requirements, establishing and maintaining a Detailed Risk Management program and Cyber Liability Insurance should be high on your priorities as a business owner.

To learn more, contact Joe Daley from AJ Insurance Services.

cyber risk management cyber insurance cyber security

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.

Joe Daley, AJ Insurance Services, ABN 19621930390, AFSL 238979