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Cybercrime: Protecting Yourself from Identity Theft

  • Adroit Insurance and Risk
  • August 21, 2023

Identity theft is on the rise in Australia

Identity theft costs Australia $36 Billion each year, recent data theft has included Optus and Medibank. A staggering 25% of Australians have fallen victim to this crime, according to the Australian Institute of Criminology. Stolen personal information gives criminals a base for many other forms of serious crime. Fraudulent identities may be used for money laundering, tax evasion, obtaining credit cards and securing loans. When a person has their identity stolen, they may experience repeated victimisation, so it’s important to be aware of the risks and take steps to protect yourself.

If you’re a victim, seek expert advice & report the fraud immediately

If you’re a victim of identity fraud or suspect your identity has been stolen, it’s important to act quickly to minimise any financial or other damages. Contact IDCARE, IDCARE – Australia’s Free national identity and cyber support service, to get expert advice from a specialist identity and cyber security counsellor.

Check credit scores

One of the fastest ways to detect identity theft is to check your credit score and credit report. This report highlights any recent credit card or loan applications, as well as any defaults. If your credit report shows unusual activity, it’s vital that you contact your provider immediately, secure your bank accounts and apply for a credit ban to prevent cybercriminals from getting credit cards or loans in your personal or business name.

Maximise online safety

Keeping up to date with the latest types of cybercrimes and scams is important, so you are aware of how you can be scammed. Some common online safety practices include:

  • Check all web links in emails; hover your mouse and see if the link is genuine, if in doubt, don’t click on them;
  • Continually update your antivirus software;
  • Regularly update all software and operating systems;
  • Don’t use the same passwords across multiple accounts;
  • Backup all data at least daily, if not instantaneously to the cloud;
  • Enable multi-factor authentication for your various apps, banking etc.

Check to see what Cyber insurance cover is in place

Most home and business insurance policies don’t cover cyber-related loss or damage to computers, IT systems and anything connected to the internet.

Cyber insurance covers the physical loss or damage to information, IT systems and networks. It can also cover loss of profits of the business if it cannot operate, caused by the introduction of malware, extortion, or hacking. Insurance policies generally include significant assistance with and management of the incident itself, which can be essential when faced with reputational damage or regulatory enforcement. The cost of cybercrime and underinsurance

For SMEs, the cost of identity theft can be devastating for both the owners and the company. You can only secure your online data to the best of your ability and if the worst happens, Cyber Insurance can provide assistance. This insurance covers your legal costs, lost income, data recovery, consumer notification costs, and more. For SMEs without sufficient insurance, the cost of identity theft may, unfortunately, be the closure of their businesses due to devastating financial and reputational losses.

Do you need Cyber Insurance for your business?

Contact us today.

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