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5 simple ways to protect you and your customers from cyber attacks

Feb 23, 2022
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Throughout the pandemic, the world became a lot more reliant on virtual meetings, contactless payments, working remotely and all the rest. It meant a lot of businesses could still operate in a safe and responsible way, but it drastically increased everyone’s cyber presence. Criminals were very quick to capitalise on this shift and the rate of cyber attacks sky rocketed. During the 2020-21 financial year, the ACSC recorded there was 67,500 recorded cyber attacks, resulting in losses of more than $33 billion. These numbers only include what has been self reported, so the number is likely to be much higher.

There are a number of things you can do that are really simple to help reduce the chance of a cyber attack on your business. Just like locking the front door when you leave home or wearing a lifejacket in open waters, its important to put some protection in place to help deter or prevent attacks on you and your clients’ data. We have put together the following 5 simple things you can do now to bolster your cyber security:

Keep software up to date

Keeping software and applications up to date and configured correctly will help to reduce cyber attacks as often the developers are bolstering their security for you and making these changes via updates. Make a habit of checking for updates and patches regularly on all apps, software and cloud services.

Least Privilege Access

Applying least privilege access principles such as ‘just in time’ (JIT) and ‘just enough access (JEA) systems to help limit a potential attackers spread across your network. These systems work by only giving users the access rights they need to perform specific tasks and only for the amount of time they need them during their normal day. This helps to reduce an attacker’s ability to gain unlimited access through a user’s account.

Multi-factor Authentication

Multi-Factor Authentication has become a lot more common recently on things like government and banking websites. The added authenticating factor is usually something like a text message or email with a code that needs to be inputted. Without this, attackers are unable to access accounts or protected resources. By enabling this on all accounts (that support this function) you are adding a really strong level of security to your network.

Use anti-virus software

It seems very obvious, but installing and enabling an anti-virus software on your computer and devices will help to reduce malware attacks from executing. Use cloud-connected anti-virus services for the most current and accurate detection capabilities.

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Protect your data

Be mindful of where your sensitive data is stored and who has the ability to access it. If you are subject to a cyber-attack, its important that security teams know where the most sensitive data is stored and how it is accessed. Understand the importance of sensitive data and be sure to store it safely, where it is yours or your clients.

Even if you have implemented these 5 steps to reducing cyber attacks, it doesn’t mean they can’t happen. In the event of an attack, it is important to have a comprehensive cyber insurance policy in place to reduce your financial exposure and have someone in your corner to help mitigate your loss. Some cyber insurance providers offer free anti-virus software with each policy to help protect you from malware attacks and give you peace of mind around your data.

Get in touch with us today for a cyber insurance quote.

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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.

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This article originally appeared on LARK Insurance Blog and has been published here with permission.