GSK Insurance Brokers provide cyber insurance to businesses across Australia and we’ve seen the impact cyber-crime can have with data breaches, attacks by hackers, viruses and malware. Unfortunately, many businesses simply aren’t protecting themselves enough against this type of crime. Today, we’re sharing some of the common cybersecurity mistakes businesses make so you can avoid them!

Assuming your business is too small to be a target

Unfortunately, a lot of smaller businesses don’t place much importance on cybersecurity and assume that criminals are more likely to target larger businesses. However, businesses of all shapes and sizes are vulnerable to cyber-attack and smaller businesses are often a more appealing prospect due to minimal security measures. Make sure that your business takes cyber security seriously and don’t assume you’re immune from attack.

Not having a cybersecurity policy

A lot of businesses don’t even consider having a cybersecurity policy in place and leave it up to their IT services to monitor. The truth is that every business needs to have a plan in place around cybersecurity to minimise your risk. Make sure you have a policy in place around the storage of confidential data, what to do if there is a suspected breach and staff training.

Having weak passwords or not changing passwords

It’s so easy to become lax with passwords and rotate through obvious, easy to remember combinations. However, weak passwords make your system much easier to infiltrate for criminals. Make it a policy to use complex passwords containing a combination of letters, numbers and symbols, and ensure they’re changed regularly. Also, don’t use the same password for different systems.

Using a poor quality system administrator

A lot of the cybersecurity for your business takes place behind the scenes with your web provider being responsible for aspects of cyber security such as firewalls and backup of your data. For this reason, it’s essential that you take the time to choose a quality system administrator who takes cybersecurity seriously.

Not having cyber liability insurance in place

Cyber-crime is becoming increasingly prevalent and no matter how many steps you put in place to prevent an attack, there may come a time where you find yourself having to deal with the consequences following a breach. In these instances, it’s essential that you have cyber liability insurance in place to protect your business. Speak to your broker about covering your business.

GSK Insurance Brokers offer cyber liability insurance cover to protect your business from the financial impact of cyber-crime. We understand the cyber risks that businesses are exposed to and help cover these unique exposures through our cyber liability insurance. Our brokers will analyse your business to ensure that you have the right level of cover for financial peace of mind.

For cyber liability insurance Australia, contact GSK Insurance Brokers today on (08) 9478 1933.

March 4, 2019

By Graham Knight

Founder and Managing Director of GSK Insurance (established in 1981). Graham draws upon more than 50 years’ experience in the insurance industry, working in both insurance and broking across various private, public and government sectors in Australia.

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