It takes a hacker 4 minutes to access a network through an email attack. On average it takes 286 days before its detected and 80 days for damage control.

In those 286 days what have the hackers seen, stolen or controlled. What potential liability will you incur. Will your business reputation be tarnished or worst still fatally damaged.

It is estimated that one in three Australian adults have been affected by cybercrime.

Business email compromise (BEC) continues to present a major threat to Australian businesses, especially as more Australians work remotely. In the 2020–21 financial year, the average loss per successful event increased to more than A$50,600 which is over one-and-a-half times higher than the previous year. Cybercriminal groups conducting BEC have become more sophisticated and organised, and these groups have developed enhanced, streamlined methods for targeting Australians.

So what can you do? Obviously prevention is the best strategy and your IT provider can help retard the criminals access, the detection and education of your employees. But what if these measures fail? Well, there are insurance policies available that provide cover for:

  • Data loss and restoration including decontamination and recovery
  • Incident response and investigation costs, supported by a 24/7 incident reporting hotline and on-demand vendors
  • Business interruption loss due to a network security failure or attack, human errors, or programming errors.
  • Delay, disruption, and acceleration costs from a business interruption event
  • Crisis communications and reputational mitigation expenses
  • Liability arising from failure to maintain confidentiality of data
  • Liability arising from unauthorised use of your network
  • Network or data extortion / blackmail (where insurable)
  • Online media liability
  • Regulatory investigations expenses

Talk to your broker today and they will be able to obtain a quote to protect your business

Helpful Information on Cybercrime

SCAMwatch to stay up to date on current scams

Office of the eSafety Commissioner for online safety education resources and information for young people, parents and teachers

Australian Cyber Security Centre for private and public sector collaboration and information sharing to combat cybersecurity threats

Stay Smart Online to find out more about online safety and security and receive regular alerts

Australian Institute of Criminology to access cybercrime research and complete the annual consumer fraud survey