Increased Cyber Threat During Pandemic Highlights Need for Protection

We’ve all had to get used to dealing with the unexpected in business over the previous few months. The turbulence of the pandemic economy has forced many businesses to close or substantially modify their operation. Sadly, many organisations will be unable to bounce back from these challenges. One relevant concern, which perhaps is not receiving as much attention as it should be, is the increased threat of cyber incident or attack over recent months.

Increased Threat

Cyber-attacks are frequently opportunistic. The current state of business has left many organisations vulnerable, whether that means they are understaffed or unattended. The consequences of these attacks are even more severe than usual at the moment. In a weakened economy, fewer businesses are performing well. This means fewer businesses can afford the financial and reputational damage caused by cyber-attacks. People’s increased attention to their finances and enduring monetary stress has opened the door for scams and attacks as well.

Cyber Insurance Policies

Having a suitable cyber insurance policy is crucial to prepare against the possibility of threat to your IT systems. A cyber insurance policy protects an organisation from the consequences of cyber breach. Critically, this prepares you to deal with the interruption to business experienced when an incident occurs. Unfortunately, the consequences of cyber incident can proliferate. A black mark on your brand can ultimately reduce your client’s faith in you and this can affect the amount of business you attract long-term.

The dynamic nature of technology and IT infrastructure opens up a lot of opportunities for businesses, but it also increases vulnerability to risk as well. Cyber breaches are so often beyond our control, and this makes them very difficult and frustrating to deal with. Working with a broker to secure a comprehensive policy can provide you with confidence that your business is protected from some of the consequences of a cyber incident.

Other Security Considerations

Keep in mind that although policy protection is highly recommended, there’s more that you can and should be doing in the way of securing your organisation. Think of the following:

  • Phishing scams have been of particular issue during the pandemic economy. These are emails or other modes of contact which imitate some authority or organisation to the end of obtaining your private data.
  • Keeping your infrastructure and software up to date will reduce your organisation’s vulnerability.
  • Utilising multi-factor authentication can drastically improve the security of your systems. This type of authentication necessitates more than one element of identity confirmation, like a password and security question.
  • Proper education of staff in cyber security protocol should be a priority. If it’s not already, incorporate this as an element of your onboarding process.

 

As always, we are available to discuss any of the above matters. For more detailed information on protecting your organisation from cyber incident, we would also recommend looking at this guide from the Australian Cyber Security Centre. If you’re seeking to discuss more information on cyber liability policies, or are looking to get into contact with a broker who can help you, get in touch with Provide Insurance.

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