Cyber crime targets many important businesses including essential services, health, food and energy sectors. Cyber crime is serious as the results of cyber related incidents have led to loss of data, infrastructure and even harm to life.
Cyber crime is affecting many businesses in 2021. With the shift to work-from-home, it’s more important than ever to be protected from cyber crime. The attacks faced by small businesses were commonly composed of 57% phishing, 33% compromised devices and 30% credential theft. While most people understand the nature of cyber crime to a degree, many spend less than $500 on security annually.
The Australian Cyber Security Centre (ASCS) received more than 67,500 reports of cyber crime in 2021, an increase from 2020. This has resulted in a huge loss by businesses.
A businesses financial loss is just one result of cyber crime, as some impacts are harder to quantify. These include damage to investor perception after security breach, resulting in a lowered company value. Share price drops and difficulty raising capital can happen and loss of customer data.
It is important no matter the size of the business that proper measures are put in place to reduce the risk of being exposed to cyber crime. Following industry best practices, implementing preventative measures and being aware are good strategies to protecting yourself and your business.
It is important to be insured for loss, no matter what industry you operate in. The ASCS warns that every 8 minutes, a crime has been reported to ReportCyber.
How to reduce the impact when a cyber attack occurs:
Although they can be very good at preventing a cyber attack in most cases, antivirus software, firewall and IT Support are not 100% effective against cyber criminals. Standard business insurance often does not cover you in the event of a cyber attack and antivirus software will not help to recover your firm’s expenses. Cyber Shield is a comprehensive cyber insurance solution designed to protect your accounting firm against the detrimental effects following a cyber attack.
The benefits of Cyber Shield:
- Designed specifically for accounting firms, the cover is relevant to the needs of the profession
- Competitive premiums are a certainty
- Cover is comprehensive, ranging from data recovery to privacy regulatory defence costs, plus much more
Without Cyber Shield, your accounting firm could incur significant operating downtime and substantial expenses in order to recover lost data and restore your client’s confidence.
Want an obligation-free quote?
Complete a Cyber Shield Application Form. Once you have completed each question and submitted the form, a member of the Professional Risks team will be in touch with you.
Contact Accountancy Insurance.
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