Ignition New Zealand August 2017 - Page 11

Cyber Criminals Preying on small businesses As a small business owner in Australia, you wouldn’t • Never use pirated software, and always keep your think you’d be the target of ruthless criminal syndicates operating system up to date with the latest patches. based on the other side of the world. But you’d be wrong. This greatly reduces the number of potential entry Cyber attacks are surging worldwide, and over 40 per points into your computer available to an attacker. cent of them are aimed at small businesses. This is • Invest in good-quality anti-virus software. because with their limited finances and technical skills, • Train your staff to be especially careful with incoming they make much easier targets than large companies with big budgets and their own IT departments. emails. Many cyber-attacks on small businesses begin with an email pretending to be from a legitimate source Multiple threats such a bank or an energy provider. The scammer may Data theft can see your bank account drained or ask you to provide personal details or click on a link, confidential data misused. Data loss, such as through ransomware, can be even more devastating. Ransomware attacks may be launched from eastern Europe, Asia or anywhere in the world, and currently cost Australians over $1 billion a year. Cyber attacks on your business can also result in the theft of the private information of others, such as customers, employees or business partners. This can lead to civil claims against you, as well as fines and penalties under the Privacy Act. giving them access to your systems and data. • Limit users’ permissions to install new software on your business computers. • Use good password policies, for example by ensuring they are strong and are regularly changed. Many cyber attacks make use of weak or stolen passwords. • Have a good data backup system. This guards against cyber attacks as well as hardware failure or human error. Off-site data backups can also help protect against catastrophic events such as a fire. Protect yourself Cyber insurance Some basic steps you can take to protect your business Standard insurance policies generally don’t include against cyber attacks include: • Be alert and aware of the latest internet threats, which cover for cyber attacks, so specialised cyber insurance is becoming a must-have for any business connected to are constantly changing. By subscribing to the Federal the internet. Government’s free Stay Smart Online Alert Service Talk to your Capricorn Risk Account Manager about how (www.staysmartonline.gov.au), you will receive regular updates on new cyber risks. this form of cover can ensure your business is protected from cyber criminals. Products sold through Capricorn Risk Services Pty Ltd include discretionary risk protection and general insurance products. Discretionary risk protection is issued out of Australia by Capricorn Mutual Ltd. Before deciding to acquire discretionary risk protection you should consider the Product Disclosure Statement to see if it is appropriate for you. General insurance products are issued by a range of insurers and are available through Capricorn Risk Services Pty Ltd as a member broker of PSC Connect NZ Limited. Capricorn Risk Services is a registered financial services provider (390466) and a corporate Authorised Representative (No. 460893) of Capricorn Mutual Ltd (AFSL 230038). CAPRICORN IGNITION AUGUST 2017 11