Today, more and more businesses are transacting online. By using the web: you can store details or records in an online shop, manage transactions, communicate with your customers/suppliers, book an appointment online, and so much more.

However, as convenient as that may sound, the need to protect your business from cyber-attacks is a growing concern for all businesses. Putting measures in place to protect yourself and your business is essential as the growing pressure for the use of electronic technology is creating a significant risk to almost any business that operates a website, transacts business, or has an internet presence.

There are simple measures to protect yourself and business from cybercrime. Here are some useful tips:

1. Don’t click

If you receive suspicious emails (attractive holidays that prompts you to open an email or a vague subject line – “you have won a thousand dollars”) don’t be too quick to believe. It’s a tactic for cyber criminals to lure you into a vulnerable state, making it easier for you to open the email and click on the link. Be very mindful and conscious before opening any emails from unknown senders.

2. Set different passwords

Many of us think it’s safe to use simple passwords since we’re in the workplace. The truth is, no matter where you are, cyber-attacks can happen and affect your work computer to the extent where it corrupts your company’s important information and data. It’s safe to have complex passwords and always use a two-step verification (you’ll get an SMS notifying you to verify your data).

3. Check for security updates

Ensure your computer is turned on for automatic updates. This step is important to protect your workstation against cyber threats. Failing this step may lead to harmful malware attacks in common applications, such as operating systems and browsers.

While there are tips to protect yourself and your business from cyber-attacks, have you ever wondered how this is going to sustain you in the long run against financial loss?

As your business continues to grow and expand, this could mean it will also become highly accessible to anyone, as you may be exposed to a potential cyber-attack. In the unfortunate event that your business does experience cybercrime, the degree of financial and brand impact placed on your business may eventually lead to a downfall in revenue and sales for your company.

Some of these attacks include data breaches, email fraud, hacking, social engineering and more. The cost to your business could be catastrophic as you could suffer equipment damage, business interruption costs, defence costs, possible fines, and penalties for breaching the Privacy Act as well as extortion costs (including ransom payments). In this case, the biggest cost to your business could be brand and reputation cost.

The world of the internet is very much unregulated, hence, cyber security is a growing threat to businesses worldwide. While we can’t foresee your company being cyber attacked, our team of experienced brokers are able to tailor a cyber liability insurance plan for your business.

At East West Insurance Brokers, our aim is to keep your business secure and protected. Talk to us to learn how cyber insurance can help safeguard your business against financial losses today.

P: 1800 809 132

*Please note all insurance policies have exclusions. Please refer to the Product Disclosure Statement or Policy Wording before deciding whether the insurance policy meets your needs.


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