Think cybercrime won't happen to you? Think again

We live in a dynamic world where the constant, increasingly speedy evolution of technology impacts our daily lives – usually for the better, but in some cases this isn’t guaranteed.

Client expectations and scrutiny of the products and services you provide are ever-increasing. Awareness surrounding data security and client privacy is at an all-time high. This changing climate brings challenges and risks to your business that were not only previously unnecessary, but were not too long ago thought of as not even being possible.

One of the most important areas of concern is cybercrime, a fast-growing and financially crippling crime worldwide. Your business can be susceptible to virus attacks, extortion attempts, theft of sensitive client data, phishing attacks and privacy breaches, just to name a few.

With more than 500 cybercrimes reported in Australia every week at an average cost of $2.7million, the risks to your business are real.

Can your business survive the long-term impact of a cybercrime? The implications on your practice can be substantial. Going into damage control and dealing with the cybercrime event and attempting to rectify the situation costs time, money and valuable resources. Beyond the tangible toll, the intangible issue of loss of reputation can have a crippling effect on your business, and in many cases, your clients.

Prevention is always better than a cure, but it’s not always possible. Adhering to stringent risk management principals such as securing your digital assets and adequate password variations should act to serve as a valuable hindrance to a cyber-attack.

Still thinking it won’t happen to you? Think again. According to Keeper Security’s ‘The State of SME Cyber security’ report, a staggering 50% of small and mid-sized organisations reported suffering at least one cyber-attack in 2016.

Check with your insurer that you are covered by a cyber-insurance policy to help protect you and your clients’ businesses if such cybercrimes occur.

Matthew Richardson
Guild Insurance

This article appeared in the November 2017 issue of the Australian Veterinary Journal

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