Reduce Your Risk

Protecting your business not only involves taking actions to prevent cyber attacks but also working to minimise your losses should an attack occur.

Important tips for reducing your cyber risk

Some of the key steps you can take to protect your business are outlined below. We note that the below list is not meant to be comprehensive and does not take into account your individual business situation.

Keep your Network and Devices secure

It is essential to keep your Antivirus and Malware protection up to date and consider enabling 2 Factor Authentication (2FA) on all devices and online accounts that you and your employees use.

Two-factor authentication involves a two (2) step process to log in to a technological device. This will include a password and an additional step such as a code sent to a mobile device in order to gain access.

Periodically review your business' security systems and protocols to look for any security gaps and or exposures that need to be rectified.

2FA also referred to as Multi Factor Authentication is considered a minimum risk strategy by many Insurers for all remote access personnel.

Automatically update your operating systems, software and apps

If you receive a prompt to update your operating system or other software, you should install the update as soon as possible. Setting a convenient time for automatic updates can help to avoid unnecessary disruptions to your business.

Backup Company Data

Perform regular data back-ups (3 sets of backups, 2 different mediums eg. hard drives/tapes), one offsite with regular testing for your business' important data such as client information, website files, accounting records and correspondance.

Educate and Stay Aware

Ensure all employees undertake regular privacy and cyber security training and understand your business' personal information handling procedures. It is important that you maintain writtern training materials for all employees.

Keep up to date with emerging threats and scams. A great way of doing this is to subscribe to the Governments free Cyber alert service.

Use passphrases to protect accounts and devices

Passphrases are a more secure version of a password and should be used if MFA is not available. Passphrases use four or more random words as your password.

Passphrases provide the best security when they are long, unpredictable and unique. This will make it harder for cyber criminals to crack.

For more advice on creating passphrases, you can view ACSC Creating Strong Passphrases guide.

Create a Cyber Response Plan

This outlines the steps to manage a cyber security incident and should help you and your employees respond to a variety of incidents quickly and methodically, lessen any impact/losses and return your business to regular operations as soon as possible.

Report Cyber Attacks

Report cyber-attacks by visiting https://www.cyber.gov.au/acsc/report to report the attack. This helps develop a better picture of the cyber crime affecting Australian businesses and can in some cases lead to your matter being resolved.

Get Insured

Consider taking out suitable Cyber Insurance cover as one of your pillars for risk management.

Cyber Insurance will typically cover you for financial loss and expenses that your business may suffer as a result of a Cyber Event. This will include Data Recovery Expenses, Business Interruption Expenses, Business Extortion Costs, Crisis Management Expenses as well as Security, Privacy, Multimedia Liability and Regulatory Costs.

Please note that the above suggestions are not meant to be advice and do not take account of your personal business situation. If you would like cyber advice that is tailored to your individual circumstances, please contact us.