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Managing Cyber Risks in Your Business
As businesses increasingly rely on digital technologies, the threat of cybercrime and the associated risks continues to rise. Cybercrime can have devastating effects, from financial losses to reputational damage. To protect your business, it is crucial to understand the various types of cyber threats and implement effective cybersecurity measures. This guide offers valuable insights and resources to help you manage cyber risks, ensuring the safety and security of your business operations.
STAYING CYBER AWARE
Cyber risks are one of the leading threats for small and medium-sized businesses in Australia. The cyber landscape is ever-changing, with new scams and threats emerging almost weekly. This means you need to be constantly monitoring these cyber threats to your business, including your staff and customers.
Essential Cyber Security Tips for Your Business
To help safeguard your business against cyber threats, consider implementing these key strategies:
Update Your Devices
Regularly update your devices, operating systems, and apps. These updates can fix issues, address new security concerns or weaknesses that hackers could exploit, and even add new features to your apps or devices.
Turn On Multi-Factor Authentication (MFA)
Enable MFA on all important accounts. MFA requires more than one check to prove your identity, making it much harder for cybercriminals to access your accounts.
Set Up and Perform Regular Backups
Create digital copies of your most important information, either on an external storage device or a cloud server. Regular backups ensure you can restore your files if something goes wrong.
Set Up Secure Passphrases
When MFA is not available, use passphrases to secure your accounts. Passphrases are more secure than traditional passwords, using four or more random words. This makes them hard for cybercriminals to guess but easy for you to remember.
Recognise and Report Scams
Be alert to potential scams in emails, SMS, phone calls, and social media. Always be cautious when clicking on attachments or links within emails, especially if they appear to be from individuals or organisations you think you know or trust.
Level Up Your Cyber Security
Consider additional measures such as:
- Being mindful of what you post online
- Getting alerts on new threats by signing up for free alert services
- Discussing cyber security with your family and friends
- Avoiding public Wi-Fi when banking or shopping online
- Reporting cyber attacks and incidents to help keep Australia secure
Implement Access Control
Manage who can access what within your business computing environment. Use the principle of least privilege for access permissions, and remember to revoke access when an employee leaves.
Develop a Cyber Security Incident Response Plan
Create a plan that outlines the steps to take in case of a cyber attack. This should include key contacts, critical systems, and procedures for containing and recovering from an incident.
Provide Regular Cyber Security Training
Educate your employees about cyber security basics, including updating devices, securing accounts, and identifying scam messages. Offer updated training on a regular basis to keep everyone informed about new threats.
Secure Your Network
If you have a business network, ensure it’s protected with a firewall and that any remote access is secured.
Be Cautious With Portable Devices
If your business uses portable devices, implement security measures such as encryption and the ability to remotely wipe data if a device is lost or stolen.
Why Choose Adroit Insurance & Risk?
At Adroit Insurance & Risk, we understand that managing cyber risks is critical to protecting your business. As experienced insurance advisers, we provide expert guidance and tailored advice to help you secure the right insurance solutions for your business. Our services include evaluating your current cyber risk exposure, recommending appropriate insurance coverages, and helping you develop robust cyber security policies.
Partnering with Adroit Insurance & Risk ensures you have the support and protection needed to navigate the complex cyber landscape confidently. Our team of knowledgeable advisers is dedicated to helping you stay ahead of cyber threats and ensuring your business is well-protected.
For further information about your cyber security policy and ensuring you’re protected, get in touch with our team at Adroit Insurance & Risk today.