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Stay Safe and Survive: Why You Need Cyber Insurance to Protect Your Business

The COVID Pandemic has seen a dramatic increase in cyber criminal activity. What are the risks and how do you protect your business?

The current pandemic wreaking havoc on our world’s healthcare and economy has created an open season of hunting for cybercriminals. With over 80% of companies in Australia encouraging their employees to work from home, cybercriminals have new opportunities to scam their victims. 

The Australian Competition and Consumer Commission’s Scam Watch reveals a drastic increase in scams from March 2020 to April 2020, from 11,000 scams to over 17,000. As of late March, 36.5% of businesses in Australia had some sort of data breach when their employees used a third-party cloud service.

The need for cyber insurance has never been greater with the current crisis exposing weaknesses in IT departments and human behaviour.

Keep reading to learn about your greatest cyber risks and how you can mitigate them. 

What Are Your Cyber Threat Risks? 

You may believe you have things covered on your end. After all, you not only have great anti-virus software, but you also are spending extra money for an IT Managed Service Provider. Even if you have an IT Managed Service Provider, you’re at risk. 

Research indicates that cybercriminals are working extra hard in what looks like a field that’s ripe for the picking. CYFIRMA’s research reveals a 600% increase in cyber threat indicators because of the pandemic from February to early March. The research goes on to reveal the immense cost of cybercrime in Australia as it is costing individuals and businesses millions of dollars.