Women's Network April 2018 | Page 32

CYBER IS CHEAP With the steady increase in Cyber attacks on small businesses, Jody Williams, from Oracle Group Insurance Brokers felt it was timely to provide a little bit of insight into some common Cyber and insurance myths. 4 common cyber insurance myths ONLY BIG BUSINESSES NEED TO PROTECT THEIR DATA Who said that Cyber-Loss only happens to larger corporations? Typically a smaller business is more vulnerable (and less prepared for a loss of data) and the opportunity for an attacker to succeed is higher. Just under half of all Cyber attacks are aimed towards small businesses. MY CLOUD PROVIDER HOLDS ALL MY DATA SO MY DATA IS SAFE No matter where your data is held, it is your responsibility to look after it. If your system is hacked, it is not the fault of the cloud provider. There is a slim chance your cloud provider could be hacked and (you 32 Women’s Network Magazine would expect) that they have insurance and procedures in place to recover your data and compensate you for your loss. If Uber and the Australian Bureau of Statistics are able to be hacked (remember the embarrassing Census website hacking) then there’s a good chance your system is not fool- proof. I ENCRYPT ALL MY DATA ONLINE SO IT IS SAFE Hackers may not be able to decipher your encrypted data file although they will hold your data for ‘ransom’. The main targets are businesses that hold personal data, such as Conveyancers, Daycare, Real Estate, Finance Brokers and all health/medical related services. CYBER INSURANCE IS EXPENSIVE Cyber Insurance is a re-active product that will assist you when you have a Cyber Event. Your insurance broker will help you choose a level of cover that is suited to your needs and budget. Like most things, you get what you pay for. The cost of Cyber Insurance can start from a few hundred dollars. These cheaper policies are normally ‘bolt- ons’ to another policy such as a Liability policy or a Professional Indemnity policy. They are a very good introduction into Cyber Insurance although they provide a limited amount of cover.