Cyber security is vital when working from home

Cybersecurity

In the wake of the pandemic outbreak, cyber insurance Emergence has released some details on how to manage cybersecurity for people working at home

On 11 March 2020, the World Health Organisation declared the outbreak of COVID-19 a pandemic, and the emergency has continued to escalate.

Businesses around Australia are seeking ways to protect their staff from COVID-19.

Working from home

Instructing staff to work remotely may be one way of minimising the spread of the virus. However, remote work arrangements can have security implications and cybercriminals may attempt to take advantage of that. We are already seeing COVID-19 scams being transmitted via text messages.

See Emergence’s LinkedIn for more information.

The cyber risks of flexible work arrangements could include malware infection, unauthorised access, data security, and insecure devices used by staff.

It’s important that businesses and their staff ensure remote access to business networks is secure, so they aren’t vulnerable and business information isn’t exposed.

How do I stay safe?

Ensuring good cyber security measures now is the best way to address the cyber threat.

Consider implementing these proactive strategies:

•    Review your business continuity plans and procedures
•    Ensure your systems, including virtual private networks and firewalls, are up to date with the most recent security patches
•    Implement multi-factor authentication for remote access systems and resources (including cloud services)
•    Ensure your staff and stakeholders are informed and educated in safe cyber security practices, such as identifying socially engineered emails and messages
•    Ensure your data is backed up daily and automatically
•    Increase your cyber security measures in anticipation of the higher demand on remote access technologies by your staff, and test them ahead of time
•    If you use a remote desktop solution, ensure it is secure
•    Ensure staff working from home have physical security measures in place. That minimises the risk of information being accessed, used, modified or removed from the premises without authorisation
•    Ensure your work devices, such as laptops and mobile phones, are secure
•    Ensure you are protected against Denial of Service threats.

Need more help?

The Australian Signals Directorate’s Australian Cyber Security Centre has produced some excellent advice to help businesses stay secure from cyber threats while managing remote workforces. Click here for more information or go to:
www.cyber.gov.au/news/cyber-security-essential-when-preparing-covid-19.

Coverage under Emergence’s cyber policy 

The Emergence cyber policy was designed with working remotely in mind. The policy covers IT infrastructure owned, leased, rented or licensed (for example, cloud or SaaS solutions) by the insured and used in conducting the insured’s business.

That means if a cyber event emanates from a computer or laptop or other device being used by the insured’s employees at home, the policy will respond to cover the cyber event for response costs, loss of profits and any potential litigation that may arise.

 

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

Human Error Remains Key Cause Of Notifiable Data Breaches

Human Error Data Breach

Human error remains a key cause of notifiable data breaches, according to the latest quarterly report from the Office of the Australian Information Commissioner (OAIC).

While malicious or criminal attacks are still the largest source of notifiable data breaches (NDBs), accounting for 57%, human error is second with cyber incidents exploiting human vulnerabilities, for example, encouraging people to click on phishing emails or disclose passwords.

Gerry Power, Head of Sales at Cyber Insurer Emergence, said: “The continued propensity for human error to cause NDBs is a disturbing insight because it shows businesses are not educating staff enough on how to identify phishing emails or handle personal information appropriately.”

Source Emergence

Human Error and Data Breaches

Human error accounted for 37% of data breaches in the latest report. Emailing personal information to the wrong recipients was the most common human error data breach (12%). Second highest was failing to use the BCC function when sending group emails, which impacted on an average of 494 people each breach.

Gerry said the healthcare industry continued to be the worst-performing sector, recording 18% of data breaches and human error was responsible for more than half those. “That gives an insight into why some cyber insurers will not write the healthcare industry for data breaches,” he said.

The finance sector was the second-worst performing industry for the second consecutive quarter, with 14% of breaches.

The legal, accounting and management services sector was a close third. Gerry said Emergence’s claims data backed that up. “The accounting profession is a honeypot of data for cyber criminals,” he said.

Notifiable Data Breache Scheme

The NDB scheme was introduced on 22 February 2018 and, since then, OAIC has had 550 notifications, including 245 in the July-September quarter. That compares to only 114 notifications in the 12 months before the scheme’s launch.

As knowledge of the NDB scheme increases in the business community, the number of known data breaches will continue to rise.

Education is the key to reducing the human error element of NDBs.

Emergence conducts in-house education sessions, online seminars, and a social media program to educate brokers and their clients about the need for diligence and risk management to avoid data breaches and cyber attacks.

The increasing rate of notifications highlights the need for cyber insurance. Emergence’s cyber policy gives insureds 24/7 access to an Australian-based incident response team of experts who understand the importance of immediately mitigating potential threats to insureds’ businesses.

Emergence’s policy includes cover for reporting data breaches to OAIC, regulatory investigations, and costs of communicating data breaches to affected individuals.

“A cyber 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,” Gerry said.

Organisations can reduce the potential for NDBs through risk management practices such as:
• Employee training, including strong password protection strategies and raising awareness about the importance of protecting personal information
• Restricting administration privileges
• Conducting daily backups
• Continuously patching operating systems and software
• Implementing multi-factor authentication.

Emergence is a pioneer of cyber cover in Australia and provides protection for SMEs through to ASX-listed entities.

Compare Cyber Insurance

Cyber Insurance Comparison

 

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