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Cyber Insurance & Risk Management Resources for Businesses.

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Digital transformation is fundamentally changing how businesses operate and deliver value to their customers.

But with many businesses moving online and more digital solutions than ever before, it is not hard to see how Cyber ranked as the number one risk affecting business globally in the 2022 Allianz Risk Barometer Report.


cyber hacker

A cyber-attack is reported every 8 minutes to the Australian Cyber Security Centre (ACSC)

ACSC Annual Cyber Threat Report

computer with antivirus

Cyber risk ranked as the #1 concern for businesses globally according to insurer, Allianz.

Allianz Risk Barometer Report 2022

malware

On average, businesses face around 22 days of business interruption after a ransomware attack.

Covewave, Q3 2021 Ransomware Report



It can take just one successful cyber attack to pose a serious threat of financial loss, business disruption, exposure of critical business data, and damage to the reputation and brand of a business.

In the unfortunate event of a cyber-attack, businesses can be left with direct costs such as costs to fix IT systems or restore customer data as well as claims from third parties such as a breach of privacy, defamation or the transmission of a virus.

That's why it is becoming increasingly important that businesses take proactive steps to not only prevent cyber attacks but to minimise any losses should an attack occur.



Common Types of Cyber Threats

There are a number of different types of cyber threats that businesses can experience. These include (but are not limited to):

  • Email or Phishing Scam - these are fraudulent emails, messages (Smishing) or calls (Vishing) that trick you into performing specific actions such as giving out personal, business or financial details.
  • Malware - malicious software including viruses, spyware, trojans and worms used to steal confidential information, hold your system or device ransom or install damaging programs onto your device without your knowledge.
  • Ransomware Scam - a type of malicious software that makes your computer or files unusable unless you pay a ransom fee.
  • Online Identity Fraud - this involves someone using another individual's personal information without consent, to gain access to information or gain other benefits.
  • Privacy or Data Breach - this happens when personal or business information is access, disclosed without authorisation or lost.


Prevalence of Cyber Attacks

Symantec's 'Norton SMB Cyber Security Survey', conducted late 2017, revealed that email or phishing scams were the most prevalent type of cyber threat affecting SME businesses in Australia.


Type of Cyber Attack Prevalence
Email or Phishing Scam54%
Hacking Attempt 36%
Ransomware Scam 28%
Online Identity Fraud 12%
Privacy or Data Breach 11%
Employee posting confidential information on social networking site 5%
An accidental loss of a laptop or well-meaning employee distributing confidential data unintentionally 5%
An internal threat such as an employee stealing data on a USB key or leaking information to competitors 4%

Are you looking for expert risk advice and great value cover for your business? Call us to speak to a Coverforce insurance broker today.

Our Insurance Brokers service clients throughout Australia, with key offices in Sydney, Melbourne, Brisbane, Adelaide and Perth.

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Our brokers can access more than 100 insurers across the globe to find your business quality cover at the right price.

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