It’s important for any business to protect its “identity”, particularly the sensitive personal and confidential information on file, against online hackers. Cybercrime attacks in Australia have cost the country’s businesses $4.5 billion in average losses annually, with the average cost per data breach costing up to $2.16 million. When you know your data cannot be compromised at any cost, it’s important to obtain a Sunshine Coast insurance that protects and covers losses against hacks or leaks of private information.
Businesses still Susceptible
Insurance Business has named cybercrime as one of the key considerations companies should seriously regard when reviewing or polishing their risk management strategies. Fortunately, many insurance companies and their brokers are stepping up to the plate and offering comprehensive incident response plan to protect these businesses from altogether losing their hard-earned profits. Despite the prevalent risks of cybercrime attacks, most Australian businesses, however, are still unprepared as far as instituting fool-proof measures against data breach, thus leaving them exposed and vulnerable to data theft or mishaps at some point. According to Aon Financial Specialties’ Managing Director, Jenifer Richards, many businesses still seem to drag their feet when it comes to taking serious measures against cybercrime by investing in systems that offer multi layers of cyber security and protection, as well as cyber-risk defined insurance coverage.
Although some businesses have already set in place reliable systems that minimise the risk of cyber-attacks, still, identity and cyber thieves cleverly keep up with the new protections and find ways to gain sensitive information without being detected. Cyber insurance specialists are trained to assess a company’s state of vulnerability and its security risks, and are the right people to consult with cyber and data breach insurance solutions.
The ‘Most Successful Criminal Cyber Campaign’
The recent months also saw one of the biggest cyber-attacks in history that it has even been dubbed as the “Ocean’s Eleven” of cybercrime. This occurred when a group of international hackers stole over US$1 billion from over a hundred banks across the world, an attack that had been running for over two years, and which unearthed a new and disturbing trend in cybercrime.
From simply directing attacks and stealing money from customers, hackers are now targeting financial entities through a highly professional and coordinated attack, according to a detailed report from Kaspersky Lab. The report also discovered that between one and nine IP addresses in Australia were attacked by these cyber-criminals.
What Kaspersky Lab calls the most successful organized cybercrime is in no way slowing down, for as their report pointed out, the attackers are still to be dealt with and are still attacking more banks. You can safeguard your business from these threats by talking to reliable Sunshine Coast insurance brokers, such as those from Insuring theProduct, who should be able to advise you of the right policy coverage to insure your sensitive information from cyber-attacks.
(Source: $1 billion attack heralds new era of cyber risk, Insurance Business, February 19, 2015)