3 steps you can take to manage cyber risk

Manage cyber risk

Internet usage continues to rise across the globe. Along with this, comes an increase in cyber-crime, which according to a report by Mcafee, is estimated to have cost the global economy USD$445 billion in 2013 . In Australia, the cost is estimated at 0.08% of GDP per year, or approximately AUD$1.28 billion. The Mcafee report attributes this partly to the fact that, ‘Cybercrime produces high returns at low risk and (relatively) low cost for the hackers.’

In addition to taking out cyber insurance, businesses can proactively mitigate the cyber risk and a cyber-attack by undertaking a range of measures including:

  • Implementing business-wide cyber-risk management
  • Seeking external specialist advice
  • Identifying the type of data that needs to be secured

Don’t just leave Cyber Risk to IT

Cyber-risk management should not only be considered the domain of the IT department. It affects the entire business and from the board down, the business needs to think about how to manage that risk and how to develop contingency plans if something does go wrong.

Seek external specialist advice
The increasing variety and sophistication of cyber-crimes mean that independent specialist external advice on securing systems is essential for businesses. It is very rare that a business will have sufficient internal resources to address this problem fully both prior to and certainly following the loss.

Identify the type of data that needs to be secure
Firms should conduct an audit of their network to ensure sensitive records have an appropriate level of security. Companies in the business of dealing with sensitive financial that hold personal information including name, address, date of birth – the very kind of data that could be the target of an attack.

 

Cyber Insurance

Allianz currently offers cyber insurance for the top end of the market through AGCS and we are working on the release of a cyber insurance product tailored specifically to the needs of SME customers. We expect to make it available to the market by the end of the year.
1 Reference

Source allianzinsight.com.au

Speak to one of Insure 247’s brokers on 1300 046 787

Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrant the accuracy of any information contained therein, readers should make their own inquiry’s before relying on information in the stories Terms of Service

Cyber Insurance Comparison

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs

Cyber Risk

 

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.