With cyber crimes in Australia and New Zealand costing over $1 billion annually, businesses should be looking at their cyber security as part of their planning process, making sure they have adequate security measures in place for networks, data and devices.

A niche product just a few years ago, Cyber Liability Insurance has gone mainstream as businesses shift their operations online and embrace social media as a means of communicating with customers. This is a form of cover designed to help you mitigate what could be significant costs associated with recovering following a cyber related attack or security breach.

So, is Cyber Liability Insurance appropriate for your business? Determining whether your business would benefit from Cyber Liability Insurance is an important decision.

Capricorn Risk Services has created a checklist to make you more aware of what you could be doing.

1. Review your current cover

Take the time to review your various policies to see if you currently have this type of cover. Capricorn Insurance Services offer basic cyber cover with the option of more comprehensive solutions if required.

2. Implement security education and training

Cyber Liability Insurance should not be regarded as an alternative to implementing your own cyber security measures. These may include implementing and regularly updating appropriate software tools, and training staff to reduce the likelihood of internal security breaches occurring.

Prevention is always better than a cure. When it comes to cyber security, ongoing education is the most effective pre-emptive action you can take. 

Now is a good time to put a training program in place to educate staff about day-to-day security practices that can help keep company and customer data safe.

Ensuring security awareness is ingrained in every employee takes time and training will only be effective if it is a regular occurrence, not a one-off initiative or an afterthought when new employees start.

3. Cyber Fraud alert

Cyber invoice fraud is a security issue globally. Usually end of month is the peak time for it, as businesses look to close off accounts and square up with suppliers.

Ensuring your account payable process is robust and you have checks in place to identify rogue invoices is a smart move.

4. Where do I begin?

You first need to acknowledge that cyber-security is not just an IT problem, it can potentially impact the entire business.

Your staff will be the strongest line of defence in your campaign to protect sensitive business and customer data from privacy breaches and malicious activity. Work with your staff to identify areas within the business which are especially vulnerable to cybercrime. Many cyber-attacks on small businesses begin with an email pretending to be from a legitimate source such as a bank or an energy provider. The scammer may ask you to provide personal details or click on a link, giving them access to your systems and data. Ensure your staff are on the lookout for these types of scams.

Your Capricorn Risk Account Manager can provide you with information about Cyber Liability Insurance options.

Call today on 1800 007 022 or visit capricornrisk.com.

Products sold through Capricorn Risk Services Pty Ltd (ABN 93 111 632 789) are: (i) discretionary risk protection products issued by Capricorn Mutual Ltd; and (ii) general insurance products issued by a range of insurers and brokered through Capricorn Insurance Services Pty Ltd. Before deciding to acquire any product you should consider the Product Disclosure Statement available from Capricorn Risk Services Pty Ltd to see if the product is appropriate for you. Capricorn Risk Services Pty Ltd is a Corporate Authorised Representative (No. 460893) of Capricorn Mutual Ltd (AFSL 230038) and Capricorn Insurance Services Pty Ltd (AFSL 435197).