Data for sale

The Internet and email: the two most essential tools, absolutely crucial to 21st century business operations.

Whether it be online e-retail sites, internet banking, marketing to prospects, contacting clients or communication with suppliers, statistics tells us that business – small, medium and large, now use these forms of electronic connection on average 12 times more than any other form of communication.

If your computer is successfully hacked and data locked up, the criminal’s promise to return your data is usually subject to your payment of a ransom demand. This is unlikely to ever happen even if payment is made..

While digital communications are necessary to run and grow your business, equally they can be one of the easiest paths to ruin.

Internet and Data Security breaches are now commonplace with international data crime gangs targeting businesses globally.

These gangs use sophisticated methods and systems such as Malware, Ransomware and Data Phishing. Essentially, all these are aimed at infiltrating your systems and hi-jacking your data.

They plan to steal your user names, passwords, access your accounts and pins, make purchases, or simply sell information about you to other parties for use in illegal purposes. Their goal is money – with no thought of their victim’s ruined credit rating, lost money and damaged businesses.

If your computer is successfully hacked and data locked up, the criminal’s promise to return your data is usually subject to your payment of a ransom demand. This is unlikely to ever happen even if payment is made. Whilst law enforcement authorities state that the smaller ransom demands are known by the criminals to be more successful, demands in the tens of thousands of dollars have been seen recently in Australia in the SME sector.

The good news is there are ways to counter the crooks, protect your systems and your business. Industry specialists recommend these actions to protect against cyber predators:

• Use a firewall.
• Update your system regularly.
• Increase your browser security settings.
• Avoid questionable websites and use a pop-up blocker
• Only download software from sites you trust.
• Use antivirus protection.
• Install anti-spyware protection.

Most importantly, instigate a regular data back-up regimen with at least one copy off site. In addition, Cloud storage via a reputable and secure service is a popular and reliable option.

When all else fails, further protection is available in the form of new and developing insurance products that can help you pick up the pieces following a cyber-attack event.

As software developers know, hackers develop viruses and intrusive encryption systems even before a new piece of software is released to the market. Do what you can to keep your commercial information safe and talk to us about what covers are available to stay one step ahead.

In many cases we can cover such elements as:

• Data and software restoration costs
• Lost revenue and downtime
• Forensic investigation costs
• Costs for notifying those affected by a suspected data breach event
• Credit monitoring services for those affected by such an event
• Cost of extortion and ransom demands
• Civil penalties and compensation levied by regulators
• Liability arising from online content, transmission of viruses etc.

Once again, using the services of a good broker helps you to make sure you can make informed decisions and establish the most appropriate coverage for your business. If you would like to know more about this, email us on tbib@tbib.com.au or call us on 07 3252 5254 and talk to one of our brokers.