Small businesses at risk as cybercrime ramps up

Whether you’re a tradie in Toowoomba or a barista in Bunbury, Cyber Liability insurance is something every Aussie small business might want to think about.

Small businesses are some of the most at-risk organisations in Australia, being the targets of 43% of attacks that cost $300 million in 2021.

While there are many things you can do to prevent cybercrime from infiltrating your business, hackers are becoming more ambitious in their attempts.

From ransomware attacks that occur every 11 seconds to phishing, malware, remote access scams, and brute force attacks – can you be sure to fully mitigate the risk to your small business?

But it’s not going to happen to you, right? You only hear about that in the news and no small business you know have been a victim of an attack.

What the following examples will show is that it can happen to small Australian businesses like yours, and it’s crucial to have Cyber Liability insurance if you want to remain in business.

1. A hairy situation

An Aussie hairdressing small business had their phone system connected through the Internet. When a hacker gained access to the system, they made unauthorised calls to a premium number for over a month. After a while, the small business owner received their phone bill – $30,000 of unauthorised calls.

Luckily, the small business owner had a Cyber Liability policy, with the optional Social Engineering cover. This triggered the policy, and the bill was covered by the insurer.

2. A disgruntled insider

A disgruntled employee of a mining business used malicious software to corrupt the business’ server. Files containing personal information including credit card information had been accessed. As a result, fraudulent credit card transactions were made in numerous locations around Australia.

A total of $1 million was paid for setting up a call centre to respond to enquiries, credit monitoring services for affected individuals, data restoration costs, together with legal fees incurred in reporting requirements to regulatory authorities.

Don’t wait any longer

At the end of the day, these are good news stories. An attack happened and they remained in business due to having the right safeguards in place. But imagine how the story might’ve ended if they hadn’t sorted out their Cyber Liability insurance?

Don’t wait any longer. While there are many perks to being your own boss, protecting your business from cybercrime can get quite dramatic. Luckily with BizCover, sorting out your Cyber Liability insurance doesn’t have to be. Visit www.bizcover.com.au to compare quotes or give us a call today – no dramas!

*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.  © 2022 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769