Search for insurance help

Cybercrime Trends and Stats in 2022

General Insurance Business Insurance Small Business Insurance Cyber Insurance Retail and Consumer Insurance Professional Services Insurance Technology Sector Insurance

While it is often the big end of town that ends up in the media if a cyber-attack occurs, it's actually SMEs that are targeted most frequently and have the most to lose. Unfortunately, this trend is increasing exponentially year on year, and yet, Australian small businesses don't seem to be getting the message.

Here are just a few of the stats and trends that have surfaced in the past 12-18 months.

Trend #1: SMEs remain very attractive targets.

SMEs have long since been easy and attractive targets for threat actors due to their small and in some cases, non-existent Cyber Breach and Security Budgets. It is not surprising that 45% of all cyber-attacks are aimed at SMEs up from 15% in 2016.

Trend #2: COVID hasn't helped.

The COVID pandemic has seen an overwhelming % of our workforces working from home through necessity. Only 20% of businesses have some form of cyber prevention plan in place to mitigate cyber threats in a "work from home" environment.

Trend # 3: No insurance.

Less than 20% of Australian SMEs have cyber insurance in place to help them manage the costs and recovery after a data breach. In addition, less than half of all Australian business has some form of robust security defense plan in place to protect their client and sensitive data.

Trend #4: Show me the money!

Verizon's 2021 Data Breached Investigation report tells us, not surprisingly that 90% of all Data Breaches are financially motivated.

Trend #5: Business closed.

Half of all small businesses that are victims of a cyber-attack or data breach go out of business within 6-12 months, suffering enormous reputational damage, and are forced to inject significant funds into the business to mop up the aftermath.

Interested in learning more about a Cyber Liability policy for your SME? Visit our profile to learn more and get a quote or call us for a chat. What have you got to lose?

Management Liability Insurance

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

Details Get Quote

Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

Details Get Quote

Business Package

Purchase up to six products under one Business Insurance Package.

Details Get a quote!

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.

Reef Insurance Brokers Cairns and Tablelands, ABN 48646410335, AFSL 327131