Remote work arrangements help reduce the spread of COVID-19, however cybercrime has increased substantially. Get tips on how to manage this risk
Many Australians are working from home in a bid to minimise the spread of Coronavirus. However, as usage of remote access technology increases, cyber criminals are taking advantage, exploiting the vulnerabilities that lie here. In some instances, reports reveal a 400% increase in COVID-19 cyber scams.
Mitigate the threat with Cyber Security Contingency Planning
- Review your business continuity plans and procedures.
- Purchase Cyber Insurance. This cover is designed to protect against costs associated with an attack. E.g. disruption to business, ransom payments, data recovery, serious liability and reputational exposures.
- Ensure your systems, including Virtual Private Networks (VPN) and firewalls, are updated with the most recent security patches (see guidance for Windows and Apple products).
- Increase cyber security measures in anticipation of higher demand on remote access technologies, and test them ahead of time.
- If you use a remote desktop client, ensure it is secure. Read more: click here.
- Ensure work devices, such as laptops and mobile phones are secure. Read more: click here.
- Implement multi-factor authentication for remote access systems and resources (including cloud services). Read more: click here.
- Ensure you are well protected from Denial of Service (DoS) threats. Read more: click here.
- Ensure your staff and stakeholders are informed and educated in cyber security practices, e.g. detecting socially-engineered messages. Read more: click here.
- Ensure staff working from home have physical security measures in place. This minimises the risk of information being accessed, used, modified or removed from the premises without authorisation.
CYBER INSURANCE IS ESSENTIAL
“It’s estimated that Cybercrime costs the global economy around US$500 billion (A$660 billion) annually and that 20 per cent of SMEs have been targeted by malicious actors.” – Microsoft
Unfortunately, losses as a result of a cyber incident are not covered under traditional Business Insurance policies.
Cyber Liability Insurance is designed to cover this risk, and should be considered as part of every business insurance program.
Cyber Liability Insurance can cover:
- Liability claims against you for privacy breaches and loss of employee, personal or corporate information
- Loss or damage to IT systems, records and data
- Business interruption arising from a cyber event
- Liability arising from an attack or virus
- Brand and personal reputation protection
- Copyright and trademark infringement
- Costs of negotiating and mediating due to an extortion attempt
- Statutory Fines and penalties incurred due to a privacy breach
- Legal defence and investigation costs
For professional insurance advice, connect with a CBN Authorised Broker.
This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product. The information provided in this article is not to be taken as legal advice.Information is current as at the date the article is written as specified within it but is subject to change. Community Broker Network Pty Ltd and Community Broker Network Authorised Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Community Broker Network Pty Ltd.
