Cyber Liability insurance has been available since at least the year 2000, however many small businesses in Australia are not taking advantage of the protections a policy can provide. According to one survey, just 40% of businesses1 have any sort of cover in place.

Misinformation is everywhere, especially regarding cyber security. This can cause SMEs to hesitate when it comes to shielding their business. Unravelling these myths is key to ensuring they understand the importance of Cyber Liability protection. That’s why we’re taking on three more common cyber security myths, offering clarity and truth in place of confusion.

Hacks, viruses, ransomware, or even clicking on the wrong link could bring a small business to its knees. During the 2021-22 financial year, the Australian Cyber Security Centre received 76,000 cybercrime reports—or one every 7 minutes.1 And these incidents aren’t cheap. The average cost per cybercrime was over $39,000 for small businesses.1

As technology continues to advance, cybercrime is becoming more sophisticated, and cyberattacks are frequently targeting small businesses.

SMEs face unique challenges in the cyber realm. Unfortunately, misinformation doesn’t help and can often hinder SMEs from understanding the importance of Cyber Liability. That’s why we’ve debunked three widespread myths and offered insights to set the record straight.

If COVID-19 wasn’t enough to be concerned with, there’s another virus plaguing small business owners working remotely – cyber-crime. Small business owners and staff need to be vigilant of the types of risks that can damage their business, the measures to take to prevent becoming a victim and how Cyber Liability insurance can help protect your business from the consequences of an attack.

Cybercrime is no longer just a “big business” problem. In fact, small and medium-sized enterprises are now some of the most frequent targets of cyberattacks in Australia. From phishing emails to ransomware and fake invoice scams, even a single incident can cost a small business tens of thousands of dollars. In some cases, it can even threaten the survival of the business.

With cybercrime reaching record levels, Australia’s 2.5 million small businesses are increasingly looking for ways to lock the digital doors to their information.

The beauty industry might seem a million miles away from data breaches and cyberattacks. But the ugly truth is that your salon may be more at risk than you think.

A cyber incident response plan (CIRP) is a clearly defined strategy that outlines the steps an organisation needs to take to detect, respond to, contain and recover from a cyber security incident. The purpose of a cyber incident response plan is to minimise the damage of a cybersecurity breach, reduce down time and ensure compliance with legal obligations.