According to the Insurance Council of Australia (ICA) cybercrime is on the rise and is costing an estimated $1 billion each year. Reports by Symantec also state that Australians tend to be unaware of the risks, especially when using mobile devices.

Cyber-attacks include hacking, viruses, phishing, online fraud, identity theft, and theft of financial information and intellectual property. Cybercrime can also result in corrupted data and privacy breaches.

Steps to protect online data and information in your business include:

  • Use passwords on all devices and change these regularly.
  • Make regular backups of your data, stored online or locked in a safe.
  • Install firewall and antivirus software on all devices.
  • Use only secure sites when online (those with a padlock symbol and ‘https’ in the browser bar).
  • Make use of privacy and security settings on social networks.
  • Avoid opening emails that request your bank log-in or credit card details.
  • Take steps to secure the personal details and sensitive information of your customers in accordance with privacy legislation.

It’s also important that you speak to your broker about insurance products to protect you financially against the risks of cybercrime in your business. Cyber insurance policies most notably, but not exclusively cover a business’ liability for a data breach in which the firm’s customers’ personal information or credit card numbers are breached by a hacker or other criminal who has gained access to the firm’s electronic network.