If you look up on the Internet on data breaches of the 21st century, you will probably find a huge case of cyber-attacks. Recently, the Office of the Australian Information Commissioner (OAIC) has released its first quarterly report into notifiable data breaches, which shows 63 reported breaches since the scheme began on 22 February 2018.

It is alarming to see such statistics where the scheme is averaging more than 2 notifications every business day. According to OAIC’s figures, it was learned that health service providers had the most notifications at 15. Followed by other industries in the legal firm, accounting, management services, finance, education, superannuation, and charities.

While most of us would think that these figures usually impact only the corporate businesses, it was discovered that the accounting industry is a major target for cyber-attack.

Human error was responsible for 32 of the notifiable data breaches (NDB) reported and 28 of these were malicious or criminal attacks; and two were system errors.

Gerry Power, National Head of Sales for cyber insurance specialist underwriting agency Emergence, says the statistics are “frightening”. He warned the NDB scheme meant companies could not keep silent on data breaches and hope for the best because notification to OAIC was now mandatory. More businesses need to understand the risks and they need cyber protection before it’s all too late.

Cyber security is a growing threat to businesses worldwide. Our brokers are able to arrange cyber protection insurance policy on your behalf. No business is immune from the reality of cyber-attacks and data breaches.

East West Insurance Brokers aim to arrange the most appropriate cover for you by providing tailored solutions to suit your business needs. We will also support and assist you in the event of a claim.

Learn how you can keep your business safe, secure, and protected. Take the time to talk to us, you’ll be glad you did:

P: 1800 809 132
E: hello@ewib.com.au
W: www.ewib.com.au

*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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