Data breach notification statistics ‘frightening’ Insurer

Data breach notification statistics ‘frightening’ according to Emergence

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.

That means in only its first 38 days, the scheme is averaging more than two notifications every business day.

Gerry Power, National Head of Sales for cyber insurance specialist underwriting agency Emergence, says the statistics are “frightening”.

OAIC’s figures show health service providers made the most notifications, at 15; followed by legal, accounting and management services, 10; finance, including superannuation, eight; education, six; and charities, four.

The figures are consistent with Emergence claims data that show the accounting industry is a major target for cyber theft.

Human Error a threat

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

Gerry said the high rate of NDBs in only 38 days of the scheme’s operation highlighted the need for cyber insurance.

Emergence’s cyber policy gives insureds 24/7 access to an incident response team of experts who understand the importance of immediately mitigating potential threats to insureds’ businesses.

The Emergence solution also manages reporting data breaches to OAIC, any subsequent regulatory investigations, and costs associated with communicating data breaches to affected individuals.

A cyber insurance policy is part of every successful business’s risk management framework. Cyber insurance is not the first line of defence; it is designed to protect a business when its IT security, policies and procedures fail to stop an attack.

Emergence is a pioneer of cyber cover in Australia and provides protection for SMEs through to ASX-listed entities. It is a cyber specialist, focusing all its efforts on risk management and fine tuning its policy to provide top-level protection.

Gerry 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. Your clients need to understand the risks and they need protection.

Emergence’s Cyber Event Protection package gives your clients financial support and incident response expertise to recover from adverse events, including ransomware attacks, point-of-sale intrusions, denial-of-service attacks and cyber espionage.

 

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

 

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

Five tips to protect against ransomware attacks

Ransomware attacks are one of the most common forms of cyber attack in Australia. How can you protect your business?

Ransomware hackers steal businesses’ files and demand ransom payments to get them back. The attacks can be devastating financially for companies that are not prepared.

For example, the WannaCry attack hit 200,000 victims in 150 countries.

If you run a business, follow these five tips to safeguard yourself and your business against such attacks.

1. Update your software

Pay close attention to the software you use. Emergence Insurance recommends you alway accepting options to update or patch your operating system and other key applications immediately updates are available. Updates are often designed to strengthen cyber security.

2. Install antivirus software

Regular software updates alone do not ensure your systems are protected. Viruses are still a threat because they constantly evolve. Guard against them by running a reputable antivirus tool and remember to update your software immediately when updates are available.

3. Use common sense on the internet

Be smart about not exposing yourself to cyber attacks. Think before you click on unfamiliar links and don’t open strange email attachments. Delete all emails that look suspicious.

4. Backup your files often 

Create backups of all your files often. It’s a simple, effective way to ensure that if ransomware thieves steal your files and hold them hostage, the thieves have no leverage against you.

5. Develop a cyber security plan

Develop a long-term plan to strengthen your business’s cyber security. It should include educating your employees; upgrading hardware and software; building a business continuity plan; and buying cyber insurance protection to safeguard your business financially in the event of a cyber attack.

 

Source

Emergence Insurance

Emergence Insurance is here to protect all businesses – large and small – against cyber risks. In fact, that’s all we do, so we’re the specialists in the field.

 

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

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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 inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Small Businesses Are Not Immune To Cyberthreats

Small business is not immune to cyberthreats

You might think that if you run a small business, you’re mostly safe from cybercrime or ransomware attacks. After all, why would a hacker bother to target you when there are bigger fish to fry?

These days, though, no one is safe. Cyber attacks are increasing among companies of all sizes. This doesn’t mean it’s time for your staff to panic. It is, however, worth taking a moment to think about your company’s security measures and consider your insurance needs.

 

Small businesses are vulnerable these days

If you still think cyber security is only a concern for larger corporations, you need to update your thinking. The latest data shows that small businesses are just as vulnerable to data breach incidents as larger ones.

The Australian Cyber Security Centre (ACSC) recently reported on this problem, noting that because so many are unprepared for the possibility of cybercrime against their small business, an attack can be particularly devastating. This has been a more serious issue in just the last couple of years.

The ACSC reported that about 90 percent of small organisations experienced a cyber threat or data breach in 2016 of which 58 percent were successful. This is a sharp increase from prior years’ data.

 

Knowing the risks you’re up against

Once you’re aware that small companies do indeed face cyberattacks, the next element to consider is how costly the cyber risks you’re facing might be. The damage can be significant if your SME is ever attacked.

 

There can be a variety of costs that can impact a business due to a cyber attack, including:

  • IT forensic costs
  • Customer notification costs
  • Increased costs of working
  • Legal defense costs

Some customers might abandon your business if they’re worried about security, and others might demand concessions from you that cost money. All this will impact the brand reputation of the company, which is difficult to recover from after an attack.

 

Getting protection against potential losses

Cyber exposures are significant for a business, and it’s only natural to think critically about protecting your company against hackers.

A new mandatory data breach reporting scheme takes effect in Australia in Feb 2018 which will require certain companies to notify customers and the Australian Privacy Commissioner of data breaches. As a result, not just big corporations but also mid-market and smaller companies will want to buy cyber coverage to assist in managing this new regulatory requirement. Companies are becoming increasingly aware of the need to protect themselves. This is why the cyber insurance market is expected to grow dramatically.

In addition, businesses should consider how a cyber insurance policy can complement the business risk management initiatives. As part of a cyber insurance policy, insurers provide an incident response solution to assist business to recover quickly from a cyber attack.

Source: Emergence

 

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

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

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Kochie’s Business Builders Explains Cyber Insurance

Kochie’s Business Builders Explains Cyber Insurance

To help explain cyber insurance, Steadfast have partnered with Kochie’s Business Builders to produce this short explainer video.

30% of small businesses in Australia experiencing a cybercrime incident

Most cyber attacks are caused by human error the average cost of business was a huge $276,000 in 2015 with over 30% of small businesses in Australia experiencing a cybercrime incident

Why do I need it?

If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, it’s likely that your business will suffer a cyber attack at some stage. A cyber attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.
Kochie's Business Builders
What usually isn’t covered?

Exclusions and the excess you need to pay can vary greatly depending on your insurer. Policies generally won’t include cover for:

  • Damage to computer hardware
  • Criminal actions committed by you or your business
  • A cyber attack based on facts of which you were aware
  • Criminals using the internet to steal money from you

Compare Cyber Insurance Quotes from leading Australian Insurers like AIG, Allianz, Brooklyn Underwriting, CGU, Chubb, Dual, Emergence and Zurich.

 

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

Compare Australian Cyber Insurers

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

How can I protect myself against the WanaCry Ransomware?

WanaCry Ransomware

To best avoid infection of this sort we advise that the following steps are taken to maximise your system protection.

How can I protect myself against the WanaCry Ransomware?

You can protect yourself against the ransomware in the following ways:

  • Ensure you have a valid corporate Antivirus subscription
  • Ensure your Antivirus is up to date
  • Ensure that port 445 is closed on your network
  • Ensure you are up to date with all Microsoft updates on your server and workstations
  • Back up your data with an external hard drive or to the cloud

Please contact your local IT Support if you are unsure if you are protected, or may have the ransomware on your computer.

Need Cyber Insurance?

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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 enquiry’s before relying on information in the stories Terms of Service

Compare Australian Cyber Insurers

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 inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs