CATEGORY AUSTRALASIAN DENTIST 97 COLUMNISTS Scott Wilford Cyber-attacks on Australian businesses are on the rise, especially in the medical industry. Having the right cyber security and risk management practices is the best way to avoid a cyber-attack or data breach, but if something does go wrong, cyber insurance can help you pick up the pieces and get you back to work. Think of cyber insurance like any other insurance cover you have, it is designed to help you get back on your feet in the aftermath of a cyber incident. Cyber insurance gives you access to a panel of experts, from legal and PR advice to IT specialists to help you control, contain, and coordinate your response to a cyber incident, and can cover you for a range of threats and outcomes. Cyber insurance is an essential policy in this digital age as cybercrime is now one of the biggest threats faced by Australian businesses. Cyber insurance protects businesses against online risks, such as computer hacking, breach of privacy or data theft. As we all now rely upon technology to do business, the threat of a cyber-attack is inevitable. The consequences of an attack are far-reaching and may damage your IT systems, compromise your data, and temporarily stop you from doing business. They may expose your business and directors to fines and penalties. 3 tips to keep hackers trying At Dental Assured we believe in risk reduction, so whether at home or in business, talk to an IT professional about how to manage your IT security protocols. Here are some ideas from our IT network: 1. Use multi-factor authentication: This means using at least two pieces of information to validate a user’s identity to access systems. 2. Password!@# is a no-no: Move beyond the basics and ensure you use a variety of passwords. Consider a password manager subscription. 3. Firewall and anti-virus: A firewall is your first line of defence. It blocks or allows system access. Antivirus software gives you that extra punch preventing, detecting, and removing software viruses should they sneak through. Business owners are starting to think, “It won’t happen to us, we’re too small” and instead are asking, “Are we protected?”, “What happens if we are hacked?” This is where Cyber Insurance comes in. We know that technology will continue to evolve at a rapid rate. As will the skills and tactics of the people and organisations who undertake cyber-attacks! So losing access to emails, payment systems or customer data stolen by hackers is a possibility and, unfortunately, will start to occur more frequently. 1. Cyber Insurance provides financial reassurance Hacking, cyber crime and cyber interruptions come in many forms. Just say your payment system is compromised and you can’t transact business for a period of time. Or possibly you lose access to the IT systems that enable you to operate effectively, like processing orders. You could also face extortionattempts to recover access. Lost revenue has a significant impact on any business’s bottom line, and could impact your ability to continue to operate. Cyber insurance covers financial loss and expenses that businesses may suffer because of a cyber-crime. This financial security ensures your business is resilient should a cyber incident occur. 2. Cyber Insurance helps you respond to a privacy breach With a cyber-incident, there’s often a privacy breach – i.e., private, or confidential information and data is exposed. Responding to a privacy breach includes many actions and is complex. A business can quickly incur significant costs and chew up available internal resources when responding to this type of breach. Cyber Insurance can support a business to cover actions like: u incident response and accessing 24/7 emergency support u notifying third parties u performing computer forensics u liability from third party claims u recovery of data u regulatory fines. 3. Cyber Insurance is the right step in protecting your reputation Should your business experience a cyber event, you want to be on the front foot. Inform authorities and those who may be impacted as soon as possible. The way you respond to an event will impact your short and long term reputation. To minimise any impact, you’ll likely want to engage a Crisis Communication, PR or marketing expert that can minimise damage to both your short and long-term reputation. Having comprehensive Cyber Insurance means that you can afford to access professional support. u To learn more about Cyber Insurance cover for your business please contact Scott Wilford from Dental Assured on 0409 559 571 or email scott@dentalassured.com.au The cyber risk in dental is real By Scott Wilford from Dental Assured
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