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What your business can learn from the Optus cyberattacks

29/09/2022

The recent Optus data breach serves as an important reminder to us all that not only is cybercrime here to stay, but any business can become a victim.  

In our own business, we’ve increased scrutiny around client validation, information changes, and engagement to add an additional layer of protection for the safety of Crowe’s clients. And every business should be using this as an opportunity to assess their own cyber protection. 

How cyber secure is your business? 

While you can never be 100% certain that cybercrime won’t come knocking at your door, there’s plenty you can do to minimise the threat.  

Act now with the following steps: 

  • Stay on top of software updates and operating system upgrades  

  • Check security software is installed on all business and employee computers  

  • Check all devices, including portable ones, have firewalls  

  • Install a VPN on portable devices that may connect to public networks  

  • Use multi-factor authentication and restrict administrative privileges 

  • Use secure passphrases rather than passwords and update them regularly 

  • Put critical policies and training in place to guide your employees on cyber safety  

  • Stay up to date on the latest cyber risks and tactics used by attackers  

  • Keep customers informed on how they can distinguish a genuine business communication from a fraudulent one  

Have you considered cyber security insurance? 

Having a contingency plan in case the worst should happen is a smart choice, especially knowing that if “you're an Australian business reading this, there's a 30% chance you will suffer a data breach” (UpGuard, 2022).  

Not only can this fracture the relationship you have with your customers, recovering from a hack can be financially devastating, too. Taking out cyber security insurance can help cover the costs of bouncing back and provide peace of mind that your business is protected.  

To explore your risk and get more information on cyber insurance options available to you, contact an adviser today.  

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