Like other businesses worldwide, Australian businesses are also a target for cyber criminals.
Cyber crime is rampant today, especially as more businesses are going online. Every single day, cyber criminals are attacking millions of victims. You may have already been an unknowing victim of their attacks before.
Before, small enterprises need not worry about this as the belief was that only huge organisations were at risk of the advances of cyber criminals, but that's not the case anymore. In fact, half of the victims of cyber crime in Australia are small and medium-sized enterprises.
Are You at Risk of Cyber Crimes?
According to reports, 86% of organisations said a ransomware attack led to them losing revenue or business, while 88% admitted an attack affected their ability to operate.
If you have a business in Australia, you are at risk of a cyber attack.
What Are the Most Common Cyber Crimes in Australia?
Ransomware attacks, denial-of-service attacks, and malicious code are a few of the most common types of cyber attacks in Australia today.
Ransomware Attacks
Ransomware is among the most common cyber attacks in Australia. A ransomware attack is an attempt to install malicious software on a device that threatens its security unless a ransom is paid. It can disrupt critical functions by preventing access to computer data, denying service to legitimate users, and demanding a ransom before returning control to the legitimate user.
Denial-of-Service Attacks
Thousands of businesses have reported that they have been subjected to denial-of-service attacks before. Denial-of-service attacks consist of a number of computers repeatedly sending requests to a website to overload its capability to respond to legitimate requests.
Distributed denial-of-service attacks (DDoS attacks) are among the most common cyber attacks in Australia. This type of attack is more often used to disrupt the services of a business or a local community, national government, or international organisation than to steal information.
Malicious Code
In Australia, cyber criminals use malicious code to crack databases, credit card numbers, and e-commerce sites. It is infiltrating countless private and business computers and systems.
How You Can Protect Your Organisation from Cyber Crimes
There are several proven ways you can protect your business from cyber attacks.
Have strong passwords.
Reduce the number of employees with access to systems and databases.
Keep your staff educated on how to spot suspicious emails or share links.
Install the latest security updates on all the systems used by your business regularly.
Update your antivirus software regularly.
Get a cyber security insurance policy.
The Importance of Cyber Security Insurance
If you either own or run a small business in Australia, you can get cybersecurity insurance to protect your business. Cyber insurance policies can help you pay for the damage or loss you incur due to an attack. And because more companies are now online and becoming subject to cyber attacks, there's an increased need for cyber insurance.
Conclusion
Cyber crime is an imminent threat to businesses in today's internet-enabled world. With more organisations going online, the need for cyber insurance is now more relevant than ever for a business to thrive. Take all the necessary steps to ensure that you protect your business from cyber attacks and get extra protection through a cyber protection insurance policy that will help you recover from a cyber attack.
New Wave Insurance offers cyber protection insurance on the Gold Coast, along with other business insurance solutions. Get in touch with our team today to find out more about our cyber protection insurance policies!