PSC Insurance Brokers Tasmania

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PSC Insurance Brokers Sunshine Coast

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How to overcome the risks of ransomware in 2021

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In early 2021, a ransomware attack disabled the IT system of the Northern Territory’s government. It was down for three weeks.

Many business owners looked on, seeing the obvious sophistication of such an attack and wondering what this could mean for them. There is always a level of risk from fraudsters, but there are steps you can take to lower your exposure to serious damage.

It’s not only the frequency of ransomware attacks that’s increasing – ransom amounts are also getting higher and even exceeding $250,000.

The way fraudsters attack has also changed. Many used to take control of data and give it back once a ransom was paid. But now criminals are extorting their victims, threatening to leak data on the dark web if the ransom isn’t paid. 

In one case, hackers had been in a business’ system for long enough to know they had cyber insurance and would be able to pay the demanded ransom.

And it’s not just large organisations that are at risk. Cyber criminals will often look to exploit smaller businesses instead, as they typically have less advanced cyber security capabilities and rely on third party providers.

How to protect against a ransomware attack

While cyber insurance can help if you run into trouble, there are also preventative measures you can take to lower risks and minimise the likelihood of an attack.

Criminals will often gain access to a business’ systems through employee error, such as clicking on a suspicious link in an email. Improved training and awareness is the key to minimising the likelihood of this happening.

At the moment, employees need to be particularly vigilant with COVID-19 themed emails. They are often made to look as though they’re coming from a government source. Emails where hackers pose as the tax office are also common around the end of the financial year. 

Regular meetings where the risks are discussed and informative signage around the office helps keep cyber security front of mind for all staff members.

Another precaution to take involves how you control your data. Giving employees restricted access – so they can only see information they need – and using a two-stage login process makes data more secure.

Regularly backing up business information is a third step. Whether you outsource IT support or manage this internally, it’s essential to know how often it’s backed up. Having backups makes it far easier to get back to business after a cyber attack.

If you experience a cyber attack, before engaging in negotiations with criminals that could compromise the final outcome, contact your cyber insurance firm.

For more information, or if this article has brought up any queries about cyber insurance, please don’t hesitate to get in touch with your insurance adviser.

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.

Safety Tips for Businesses this Bush Fire Season

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Extreme weather events dominated Australia last year, with 2016 recorded as the fourth-warmest year on record, and it’s showing no signs of cooling down in the start of 2017. With this warm dry weather comes another threatening bush fire season. It’s important that any business based close to dense forest, bush, grassland or the coast is prepared for bushfires.

As a business owner, it is your responsibility to be aware of the threat of bushfire in your area and ensure you keep your business and employees safe at all times. The key to surviving a bushfire season is to be prepared. Ansvar Insurance published a helpful guide, which detailed bushfire plans for the fire season. They warned that fire preparedness is a shared responsibility, and issued the following safety tips for businesses.

  • Clear rubbish, long grass and other materials that may be prone to catching fire from your premises. This ‘circle of safety’ should extend at least a 20 metre radius around your buildings and properties.
  • Ensure all gutters are cleaned regularly and install metal gutter guards.
  • Make sure any flammable fuels and chemicals are stored away from the main premises, for example in an enclosed, fire-proof shed a few metres away from the building.
  • Install sarking behind weatherboards and beneath existing roofing for extra protection. Sarking helps regulate your building temperature, whilst providing protection from hot or cold weather.
  • Ensure your premises are bush fire ready by using toughened or laminated safety glass and installing metal flyscreens to doors and windows.

It’s also important to check your insurance policy to make sure you are adequately covered if disaster strikes. By checking your insurance policy now and better understanding your legal rights, you could save a lot of heartache and financial stress down the track.

Insured businesses should check their policies and ask themselves:

  • Am I up to date with my payments?
  • Does the sum insured on my building cover the total rebuild cost?
  • Do I know where my policy is?
  • Does my policy really cover what I think it covers?
  • What can’t I claim for under the policy?
  • Are there maximum amounts or limits I can claim?

If you are unsure about any of these questions, you should contact your insurance broker who can help to ensure you are adequately protected.

Disclaimer

Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.