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Home Blog Cyber Security june 2022

Cyber Security

By Peter Vickers Insurance Brokers | business insurance, Insurance, Cyber Security, cyber insurance, insurance broker lindfield |


Fortunately, while you can never 100% guarantee your cybersecurity won’t be breached, you can insure against the costs that often arise in such a situation.
 
While it’s hard to get reliable figures (no business wants to advertise the fact it’s been hacked), it’s estimated around half of all cyber attacks target SMEs. Even worse, the number of cyberattacks has increased exponentially in recent years. Globally, it’s estimated that 4000 ransomware attacks occur and 230,000 new malware samples are produced every day. Microsoft claims cybercrime now costs the global economy around US$500 billion (A$660 billion) annually and that 20per cent of SMEs have been targeted by malicious actors.(http://indianexpress.com/article/technology/tech-news-technology/cybersecuritythreatlandscape-has-grown-exponentially-cisco-4671415/) (https://thebestvpn.com/cyber-security-statistics-2018/) (https://news.microsoft.com/stories/cybercrime/)
 
The two cybercrimes SME owners most need to be worried about are ransomware attacks and data breaches. A ransomware attack involves a business’s files being encrypted and thus rendered unusable. In the digital age, this can quickly result in operations grinding to halt, which in turn soon means revenue stops flowing in. Business owners often pay a substantial but not excessive ransom (the average demand is around $1,000) to have their files unencrypted. In the case of a data breach, the cybercriminal steals data (think addresses and bank account details) about a business’s customers or, more rarely, staff. This data is then used for identity theft, fraud or extortion. (https://www.csoonline.com/article/3193981/security/report-average-ransomwaredemandnow-over-1000.html)
credit: Steadfast Brokers

Protect your business with Cyber insurance Talk to us at Peter Vickers Insurance Brokers Pty Ltd on 1300 784 011 for all your insurance needs.

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