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.
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:
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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