It’s a reality these days that many businesses are vulnerable to cyber attack and it can have devastating consequences if your business becomes one of the many victims of this type of crime. Cyber crime can take many forms including hacking, online scams and fraud, identity theft, and attacks on computer systems, with the potential for serious financial loss. Today, we’ll be looking at some strategies you can implement to protect your business from cyber crime.

Put a plan in place

A lot of small businesses don’t consider cyber attack to be a risk for them and simply aren’t prepared. Remember that cyber crime can effect businesses of all sizes so it’s essential you have a plan in place. Create a cyber security policy which outlines issues such as password requirements, handling of technology and sensitive data, and email standards. Make sure that staff are aware of the policy.

Have cyber security measures

Make sure you use anti-virus and anti-spyware software and update it regularly so you’re protected from malware. Your firewall is also an essential part of good security as it’s the first line of defence so make sure your web host is offering appropriate security measures to protect your data.

Back up important data

Cyber criminals are always looking for opportunities to threaten the integrity of your data. This doesn’t just mean stealing your data – it could also mean that your information is erased or encrypted. Whether this is for malicious reasons or financial gain, backing up your data means that vital information can be recovered following a cyber attack.

Create a password strategy

Passwords are a weak spot for many businesses – after all, it can be a hassle to think of a new one all the time! However, it’s essential that you use strong passwords and change them frequently. Make sure everyone in the business uses passwords which are at least eight characters and use a combination of numbers, letters and symbols. Passwords should be changed every 90 days.

Consider cyber insurance

No matter how many steps you put in place to prevent cyber crime, there may be times where your business is at the receiving end of an attack. To protect your business financially, you need to consider cyber insurance. This form of cover is designed to protect you against costs involved with cyber attack such as fines and penalties, business interruption costs, legal expenses, and data recovery.

Here at GSK Insurance Brokers, we understand the unique risks that modern businesses face in the digital age which is why we offer cyber insurance cover, along with a range of other business insurance policies. If you’re not sure whether cyber insurance is relevant for your business, speak with one of our brokers and we can identify your potential risks in relation to cyber attack.

If you want to find out more about cyber liability insurance for your business, contact GSK Insurance Brokers today on (08) 9478 1933.

December 3, 2018

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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