KBI

Several reports have found that ransomware, malware, and phishing continue to plague Australian organisations.

According to the Australian Cyber Security Centre, there were over 67,500 cybercrime reports made in 2020-21. An increase of nearly 13% from the previous year.

With many employees still working from home, businesses are becoming more concerned about the security risks and threats posed by the work setup.

In this article, we’ve worked with CT Group, one of the fastest growing IT providers in Australia to explore cybercrime and cyber insurance in 2022 – including how to mitigate cyber risk and how to address a key cyber-related exposure: business interruption.

How to Best Protect your Business against Cyber Threats & Interruptions | KBI Over the last 12 months, the rise of remote work has increased cyber risk and made companies more vulnerable to cyberattacks. While businesses are becoming more aware of cybercrime risks, there is still inadequate understanding of what the risks are, and how to mitigate and insure them.

Cyber risks continue to be one of the key areas of concern for businesses of all sizes and even government departments, as shown by the headlines flooded with new cyber-attacks daily.

Federal Treasurer, Josh Frydenberg, has unveiled the Morrison government 2022-23 budget, which includes a whopping $9.9 billion for cyber security over ten years.

This makes it the “biggest ever investment in Australia’s cyber preparedness”. The 10-year investment aims to enhance cyber and intelligence capabilities as concerns grow over threats from potential adversaries across the globe.

It is clear that the government is taking this issue seriously, which underpins the message that businesses (and individuals) should also be taking cyber risk very seriously.

If you have any questions about cyber security or where cyber insurance comes into play, please feel free to reach out to our team of specialist brokers.

https://kbigroup.com.au/what-we-do-service/cyber-insurance/