As we move towards an increasingly digital world, our dependence upon technology is growing. Most businesses now conduct a majority of their activities online whether that be banking, online stores, customer databases and much more. As a result, the prevalence of cyber crime has increased both in frequency and sophistication.
What does that mean for business owners?
To place it simply, cyber security must now be considered a priority for your business. Without having the correct security systems and risk management strategies in place, you may be leaving your business and it’s sensitive data exposed to cyber threats.
According to The Australian Cyber Security Centre (ACSC) 2016 Threat Report, between July 2015 and June 2016, Australia’s national Computer Emergency Response Team (CERT Australia) responded to 14,804 Cyber Security incidents affecting Australian Businesses.
- Of these incidents, 418 affected systems of a national interest and critical infrastructure. This resulted in ACORN reporting over one billion dollars of self reported losses for these businesses.
- The Symantec 2016 Norton Report found that globally, 689 million people experienced some form of cyber crime.
- Since 2015, Cybercrime victims have spent $126 Billion dollars and on average 19.7 hours dealing with the fall out.
Whilst Australia sits at the lower end of the scale when it comes to Data Breaches according to the 2016 Ponemon Institute Report, it still shows that on average, when a data breach occurs in Australia, 19,663 client records are compromised.
The average cost of a breached record in 2016 was $2.44. This means the average breach cost works out to be a staggering $47,977.72.
These staggering statistics indicate how important it is for businesses to act sooner rather than later in ensuring their business has cyber security measures in place.
All businesses large and small, as part of their risk management strategy, need to consider a Cyber Liability Insurance policy.