What is probably the biggest online extortion attack ever recorded occurred during the past few weeks, more than 200,000 attacks across 150 countries including Australia. The Malware strain known as ‘Wanna-Cry’ creates a ransom demand, having entered via email attachments or internet exposed remote desktop servers. Its ability to spread quickly inside networks makes this strain particularly devastating.
Without attempting to act as the IT risk mitigation specialist , it is clear that every business needs to, at the very least, have a good IT support team, and ensure that software, anti-malware and back-up systems are in pristine condition. But guess what? This can only assist in reducing the risks and minimising the impact. So, despite all the precautions, when you open that first email tomorrow and perhaps find yourself a victim, the only question you need to ask yourself is, “What do I do first?” “How do I deal with an extortionist?” “Do I advise my clients of a possible privacy breach?” “What does the new privacy breach legislation require of me?” “How deep do my pockets need to be for my costs, third party costs, fines or loss of income?”
Over 60% of cyber attacks are aimed at small business, with more than half of these coming from inside the business as a result of human error, inadequate training or a rogue employee. Cyber criminals continue to evolve at least as fast as the protection you can put in place.
All businesses, no matter their size, should transfer the financial risks of an IT breach to a Cyber-Risks insurance policy. Less than 1% of Australian businesses currently do that. Not only will it offer protection for costs, penalties and loss of business income, it will provide the expert support you need on day one. So the answer to the earlier question, what do I do first is answered if you put the right insurance protection in place. You just pick up the phone and deal with an expert immediately.
Over the next few months we will be focusing on this topic of cyber breaches, the new privacy breach legislation and what it means for all Australian business. In the meantime if you want to exit the 99% who don’t have insurance in place call Nathan Corrigan at Insurance House on (02) 8913 9137 or email nathan.corrigan@ihgroup.com.au
