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Cyber security insurance and why you need it

A lack of cyber security in your organisation can lead to detrimental effects to your businesses infrastructure. It can compromise your private data and pose great threat to your financial situation. The global pandemic has led to a climb in cyber security threats, making this issue extremely prevalent. This is due to a large growth in cloud platforms during the pandemic, and a crossover of use of private and work devices to access data.

What are cyber security risks?

A recent survey showed that 84% of people have moved business functions to a cloud platform. Subsequently, businesses have experienced higher rates of cyber security risks. This exponential growth in using cloud platforms to store business data means that there is increased risk of cyber threats such as malware and phishing attacks. Phishing attacks are one of the most common attacks on businesses, and target companies of all sizes. These attacks occur when an attacker pretends to be somebody the business trusts. They then entice them to click on a link or hand over private data or information. One of the most common styles of phishing attacks that has arisen in the last 12 months is attackers posing as trusted contacts of the business. They then obtain passwords to emails, which are then used to request payments from employees and other business contacts through this email address.

Malware attacks are the second most common attack. These consist of the hacker using malicious code and viruses to access data. They then steal data, gain access to networks, or even destroy data and computers. Malware attacks are common when employees are using their personal, unprotected devices to work on and access company data and systems. At least 51% of people use their own devices to access work data, and 43% access work financial records and accounts. This style of attack has again grown substantially throughout the pandemic, with the growth of work from home. Small businesses are also more likely to have employees using their own devices to save money and are therefore more susceptible to malware attack.

So, what is cyber security insurance and why do you need it?

The good news is, whether you’re a large corporate business or a small home business, there’s something you can do to protect yourself and your company in the occurrence of a cyber attack. Cyber security insurance is designed to support you in the event of a cyber security attack or breach. Cyber insurance can assist you with financial loss, release of personal employee or confidential business data, cybercrime, cyber extortion and more. If you’re still unsure, consider this. What would happen if private data was leaked, or your entire website was taken offline? Most likely your business couldn’t survive the losses associated with such an attack, or the reputational damage. 85% of customers have said they would stop using an organisations service if their data was compromised. When cyber crime is also costing Australian businesses up to $4.5 billion annually- it’s hard to ignore. Cyber security is the smart choice for your business, no matter the size.

If you’re concerned about your cyber security, contact a professional today or one of the friendly Digimedia Worx team to discuss your options.

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