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Cyber crime can hit any business, large or small, at any time, yet only 46% of worldwide companies have some form of cyber crime insurance. Do you use a laptop, computer or mobile device for business?
What is cyber crime?
Cyber crime encompasses almost any criminal activity that can be perpetrated via the internet and computers.
Think your business is too small to be affected?
Think again! Not only does cyber crime include cyber-stalking, industrial espionage and information theft, fraud, extortion, identity theft, phishing scams and cyber terrorism; it includes theft of laptops, computers and mobile devices that are left unattended.
Cyber crime costs Australian businesses $4.5 billion annually, yet it’s one of the least insured policy areas.
When Julia Gillard was in cabinet, she launched Australia’s first national cyber security strategy and announced the establishment of the Australian Cyber Security Centre.
“Australia”, Julie Gillard said, is “an attractive target for a range of malicious cyber attacks” thanks to threats from politically-motivated hackers, as well as criminal networks in nation states.
It highlights a very serious – and potentially expensive – issue that all Australian businesses are facing right now. Yet many are doing very little about the potential damage that can be caused by cyber crime.
In November last year, computer hackers from a Romanian syndicate allegedly accessed the IT systems of 100 small Australian retail outlets and stole credit card details of over 500,000 customers. Losses from the single incident – the biggest theft of credit card data in Australia so far – added up to around $30 million. The probe to bring down the gang involved law enforcement officers from agencies in 13 countries. The Australian Federal Police now considers cyber crime one of its major areas of investigation.
Did you know?
Tips for preventing cyber attacks
Passwords, email, social networking and out-of date software all provide opportunities for cybercriminals. To prevent attacks:
Insurance – Providing Financial Protection to Cyber Crime
Did you know that we can arrange a policy to cover your Cyber exposure? Policies available offer cover in main areas such as:
If you think you require more advice on this often over looked business risk, please call us today on 1300 799 422.
Source: NIBA/IRP magazine