We need to talk about…Phishing

You might have seen one before. An email from “MyGov” asking you to verify your details. A fake invoice from a supplier you’ve never heard of. Or a message pretending to be from your bank, asking you to log in urgently. Those are phishing scams.

Cyber criminals are getting smarter, and they’re increasingly targeting small businesses. Most small businesses don’t have the time, tools or tech support to spot the traps, which make them easier targets.

But it’s not all doom and gloom. All it takes a few smart, simple habits to keep you one step ahead. Let’s break it down.

What is phishing?

Phishing is a scam where someone tries to trick you into handing over sensitive information like passwords, credit card details or login credentials. It usually happens through emails, texts or fake websites that look real but aren’t.

For example, you might get an email that looks like it’s from your bank, asking you to confirm your account. The message might use urgent language, ask you to click a link, and send you to a fake login page. If you type in your details, the scammer gets access to your details.

Phishing doesn’t involve hacking. It works by getting you to hand over information voluntarily. That’s what makes it so dangerous.

Why should small businesses care?

Phishing scams aren’t just annoying. They can cost you serious money and damage your business reputation.

According to the Australian Cyber Security Centre (ACSC), small businesses reported over 87,000 cybercrime incidents, which equates to about one report every 6 minutes. The average cost of a cyber-attack for small and medium businesses in Australia is around $49,000. Phishing was one the most reported cybercrimes to the ACSC.

A single phishing attack could expose customer information, lock you out of key systems, or leave you scrambling to recover files. That can damage trust and slow your business down.

Habits that help protect your business

You don’t need to be an IT expert to stay safe. A few simple habits can help protect your business from phishing scams:

Think before you click

Scammers love pressure tactics. If an email is pressuring you to act fast, treat it with caution.

Double-check the sender

A fake email address can look almost identical to the real thing.

Don’t log in from email links

Go directly to the website instead.

Keep your team educated and informed

Make sure everyone knows what a phishing scam looks like.

Update your software

Software updates fix known vulnerabilities, so don’t skip them.

Consider Cyber Liability insurance

It won’t prevent phishing, but it can protect your business from the financial and reputational damage that results from a phishing attack.

What to do if a phishing scam happens

Mistakes happen. If someone in your business clicks a suspicious link or enters details into a fake site, don’t panic. Just act quickly.

Here’s what to do:

1. Disconnect from the internet. This can help stop malware from spreading or sending out more data.

2. Contact your IT provider or tech support. They’ll help assess the situation and secure your systems.

3. Report the scam. You can submit a report to the Australian Cyber Security Centre (ACSC) at cyber.gov.au.

4. Let affected customers know. If client data has been compromised, it’s important to communicate early and clearly.

The quicker you respond, the better chance you have of limiting the damage.

Here’s how Cyber Liability insurance can help

Smart habits are your first line of defence. But Cyber Liability insurance can provide an additional safety net if a cybercriminal slips through.

A phishing scam can lead to huge costs in legal claims, business interruption and crisis management. Cyber Liability insurance is designed to mitigate such costs, allowing you and your business to bounce back faster with less stress and fewer sleepless nights.

With BizCover, getting protected is quick and painless. You can compare multiple Cyber Liability insurance quotes from top Aussie insurers, buy online and get covered instantly.

Over 270,000 small businesses trust BizCover for simple, no-drama insurance. Secure your own peace of mind by getting your free quotes at BizCover today.

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 Product Disclosure Statement or policy wording. Target Market Determination can also be found on our website as well.

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