Does your business have cyber-insurance Lessons from the ABS experience

Does your business have cyber-insurance Lessons from the ABS experience

Tough day for the ABS today, but an important lesson for all Australian businesses.

How well protected are you from cyber-attack or hacking?

Did you know?

  • 431 million new pieces of dangerous malware were detected last year (up 36%);
  • 3.5 new online threats are registered every second across the globe;
  • 1 in 1,846 emails contain a phishing attack; and
  • More than 75% of legitimate websites have vulnerabilities.

*Source: Internet Security Threat Report 2016

Last night we were asked to ‘pause’ to complete the Census – today we should pause to consider these risks and ask ourselves these three questions:

  • Do you hold customer data? – credit card details, personal information or contractual information.
  • Do you have a website or online presence?
  • Are you or your employees on social media?

If you answered yes to any of these, you and your customers could be at risk.

Industrial Age insurance policies were not designed for the digital age and don’t typically ‘cover’ the new exposures businesses face.

Thankfully, a developing range of ‘extension’ products and new products exist that can complement your existing package and extend cover to offer protection against these risks.

Money well spent today that could save you tomorrow. For some businesses, the crisis management and investigation costs associated with cyber-attack are too much to bear.

Don’t be the next ABS – pause, think and act today on cyber protection

Talk to and the team at Aether Insurance & Risk for more information.

Published by Insurance Advisernet

Insurance Advisernet Australia was formed in 1996 to allow insurance advisers the benefits of maintaining their local presence whilst being able to tap into a national buying group for products and services.