While you might assume you have sufficient coverage, it's crucial to be aware of a concerning trend. Insurers are introducing 'known-vulnerability clauses' to their policies. In effect, if your computer systems lack proper controls for consistent monitoring and updates, insurers might reject claims related to exploited known vulnerabilities in your organistion's systems.
Have you encountered challenging questions to which you couldn't provide a confident answer, prompting you to respond with a hesitant 'Yes'? It's essential to understand that insurance companies often closely examine small to medium businesses due to their susceptibility to significant losses from cybercrime.
According to the Australian Bureau of Statistics, medium-sized businesses, defined as having 20 to 199 employees, experienced the highest average loss per cybercrime report when financial losses occurred, with an average of $88,407.
As businesses become more cybersecurity-conscious, it's now a standard practice for them to inquire about the security measures their suppliers have in place. They want to assess the risk you might pose to their own business. If the perceived risk is too high, they might request improvements or even explore alternative suppliers. How will you handle such situations? Have you taken the initiative to ask your own suppliers about their cybersecurity practices? Being proactive in addressing these concerns is crucial in maintaining trust and business relationships.
It's essential to be aware of the assets you have and their respective locations to ensure their protection. Maintaining a comprehensive inventory of your assets is the initial step in implementing effective risk-based vulnerability management (RBVM). By having this information at hand, you can better safeguard your systems and enhance your overall cybersecurity measures.
When was the last time you conducted a security check? The Essential Eight security model, a recommended minimum security standard, suggests scanning your computers for vulnerabilities at least daily.
Do you receive regular vulnerability assessment reports from your IT provider? Staying informed through such reports can help you proactively address any weaknesses and enhance your overall cybersecurity posture.
While anti-virus is helpful, its protection is not foolproof against all techniques used by cyber attackers. Adopting a multi-layered approach with advanced threat detection over time is crucial. The rise of AI brings both benefits and challenges to cybersecurity
The reality is that you may already be targeted. Have you encountered phishing emails? If so, cyber criminal groups could be actively searching for vulnerabilities, gathering information, and seeking access to your systems to exploit and steal from you. In the event of a successful attack, how will you respond?
To effectively handle any unforeseen event, it's crucial to proactively plan for it. Creating a response plan, even if it's simple and tailored to your organisation's needs, is essential. Once in place, conduct tests to verify its effectiveness, making necessary improvements as needed. Being prepared with a thoroughly tested data breach response plan can significantly minimise the impact of potential incidents and ensure a swift and well-coordinated response if a data breach occurs.
As a business owner, recognising the importance of critical cybersecurity questions is vital. No one is guaranteed to come to your rescue during a cyber incident. Take charge of your cybersecurity by assessing defenses and identifying vulnerabilities. Your business's future security depends on it.
Our team is here to guide you through the cybersecurity landscape and develop personalised defense strategies. We can help you ask the right questions to evaluate your cybersecurity posture and identify potential vulnerabilities. Reach out to us for expert assistance in protecting your business from cyber threats.
