Many builders and tradies think cyber attacks are things multi nationals or government agencies need to worry about, but the truth is, builders and tradies also need to consider protection for their business from potential cyber-attacks.
Builders Jane and Simon Flemming lost $51,000 when scammers intercepted an email and changed the banking details on an attached invoice. According to the ABC hackers gained remote access by hacking the website. They had direct access to the computers and kept an eye out for invoices being sent. The scammers then could manipulate and modify emails between the builder and the client.
How do Cyber Attacks occur?
Often in smaller businesses, it’s simply accidentally pressing on an attachment, which sets off a chain of events. Software can be on your computer systems for months before causing damage. Most of us have done it at one stage in our lives, when distracted. It is known as phishing or commonly known as the ‘dodgy’ email scam.
Other ways cyber-attacks occur are through malware and ransomware. Malware is malicious software. Any program or file that is harmful to a computer user. Things such as viruses are malware and can allow cyber attackers to access or shut-down your network.
Ransomware is a type of malware that is designed to shut you out of your computer or network until you pay a ransom to an attacker. Famous attacks such as WannaCry used ransomware on a huge scale. Recorded ransomware claims have increased in the last 12‒18 months with attacks on businesses occurring every 11 seconds.
What is Cyber Insurance?
Cyber insurance protects your business from the flow on effects of a cyber-attack or incident. It is designed to protect your money, data and reputation. In addition to helping you recover from the impact of a cyber security event, the policy may be activated when your business experiences a suspected breach, when you and your team are not 100% certain a cyber security incident has occurred.
What does Cyber Insurance cover?
- Cost to business interruption caused by a network security failure
- Data and system recovery
- Access to data breach response expertise including breach coaches (privacy solicitors), IT forensics investigators, credit monitoring services, mandatory notification and public relations for mitigating reputational harm
- Costs associated with privacy liability and regulatory risk
- Cyber extortion costs
- Credit card privacy breaches – PCI DSS contracted fines and penalties
- Business interruption costs and extra expense
- Media liability to stop journalists using your business name in articles
Cyber insurance is about protecting your business, your profit margin and not exposing yourself to the risk. This may involve taking out cyber and protecting your profit and loss statement. Buying cyber insurance is easy with imar, with tradie brokers who speak your language. Call them directly on 1800 284 627.
General Advice Warning: To the extent that any material in this document may be considered advice, it does not take into account your objectives, needs or financial situation. You should consider whether this advice is appropriate for you and review any relevant Product Disclosure Statement, Financial Services Guide (FSG) and policy wording before taking out an insurance policy.