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Managing Cyber Security Risks

Categories: Insurance
4 December 2018

Were you aware that 60% of small businesses in Australia that experienced Cyber crime went out of business within six months?

Did you know that 95% of the reasons for Cyber-attacks were related to human error (eg clicking on malicious links in emails and websites, having weak passwords, introducing viruses with USB sticks etc) and only 5% related to coding vulnerability, network or hardware failure?

Did you know that passwords of 13 characters or more are the most secure?

In recent months we’ve had a number of our clients fall victim to crypto locker and email attacks and in one case the client lost tens of thousands of dollars which wasn’t covered by their cybercrime insurance policy.

These statistics are alarming, but the risk mitigation is easier and less expensive than you might think. Implementing the right systems will protect your business from 95% of the attacks.

Thanks to Lindentech IT Consultants, they’ve calculated the annual cost of protecting a ten-user firm to be $6,900 as follows:

User Education  –  $1,000
2 hours per user per annum

Advanced Malware Protection   – $1,200
Protects user PC’s no matter where they are for $10 per user per month

Adequate Disaster Recovery  – $2,700
Hourly, daily and offsite back ups for $100 per 1 TB per month

Firewall Protection – $2,000

Passwords – $0
Ensuring passwords are 13 characters long

Total:  $6,900

The average amount a small business pays in remedying attacks is $12,000 (ransom, staff time, reputational costs etc). The cost of $6,900 per year is a small price to pay to ensure your business is safe from attack and a prudent IT risk management initiative. Please contact us if you’d like to discuss in more detail.

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