Cyber criminals are successfully wreaking havoc on your computer systems using traditional techniques, Omnisure brokers have heard recently from Emergence Insurance.
Statistics from the global Verizon Data Breach Investigations Report (DBIR) were compiled after Verizon investigated over 50 thousand claims. The DBIR is developed in cooperation with numerous agencies and studies the impact of malware, DoS attacks, social engineering and other activities across multiple industries. The report found that:
- Hacking caused 48% of breaches,
- Malicious software caused 30% of breaches,
- Errors caused 17% of breaches,
- Privilege misuse caused 12% of breaches.
“Criminals continue to have success with hacking (48%) and malicious software (30%)”. – Gerry Power, National head of Sales, Emergence.
It is worth noting that cyber criminals commonly use a mixture of methods, for example phishing (disguising as a trustworthy entity) to obtain access to insert malware. When it comes to phishing, more education is needed about cyber risk dangers, as evidenced by Verizon who found that 15% of staff still click on phishing emails!
“Phishing awareness is an important risk management tool” says Gerry.
If business owners think it won’t happen to them, they’re living in denial. The reality is that criminals don’t have to steal your data to make money, they can just stop you from accessing it! Furthermore, Ransomware use is rife as it is easy for criminals to get and use an ‘of-the-shelf tool kit’ sourced on the dark web. Today ransomware is involved in 39% of claims.
Ransomware is involved in 39% of claims
How can I reduce my business’s risk of a cyber attack?
Omnisure believes there is no such thing as a cyber world devoid of risk. But by understanding the threats you and your business faces today, you can help to improve your security for the incidents you will face tomorrow.
We recommend that you implement strategies to safeguard your computer systems and data. Simple safeguards can include:
- Restrict administration privileges
- Require three-factor ID for access to your systems (including complex passwords)
- Always install all software updates and patches
- Train your staff
- Back up your files daily
Get yourself insured.
At Omnisure, we are experts in risk management. We get to know you and your business well and in doing so have a good understanding of what risks your business faces, including cyber risks. We also know the market extremely well, and this means we can advise on and source the best possible policy to cover you against your unique risks.
A cyber insurance policy is part of every successful business’s risk management framework. You can obtain all of your cyber insurance advice and get a quote by giving us a call on (02) 9959 2900, or alternatively contact us here.
Want to know more about Cyber Insurance?
Check out our Cyber Insurance product information page, and read our related article on the Australian Mandatory Data Breach Notification Regime.