Australian small businesses now rate cyber crime as one of their five biggest threats, and an overwhelming 95 per cent want tools to help protect them*. In response, Cyber Plus is introducing a “bundle” of cyber tools tailored to protect small business from cyber attacks.
According to Paul Waite, co-founder of Cyber Plus, “Global cyber crime is predicted to grow from $3 trillion (US) in 2015 to $6 trillion (US) by 2021**. That looks like a good enough reason to ditch computers altogether and go back to paper and pen, but obviously that’s not going to happen. We need to tackle this issue head-on with all of the tools we have at our disposal.”
“All businesses, no matter their size, need to have the cyber security basics,” said Mike Newbigin a Cyber Plus Director. “Most businesses are critically dependent on digital networks and may not be fully aware of how a cyber attack could be fatal to their operations.”
The Small Business Bundle consists of three cyber basics:
- Preparation for the possibility of a cyber-attack, including: risk advisory services; cyber response planning; email and web filtering software; antivirus; firewall; backup; encryption; user access control; and cyber awareness training;
- Protection from the effects of a cyber-attack with cyber insurance; and
- Responding to a cyber-attack with: forensic investigation; legal assistance; public relations; identity monitoring services; and credit monitoring services.
Small Business Minister Michael McCormack said, “SMEs are no strangers to cyber crime. As threats continue to evolve and grow, we are seeing more cyber criminals shift their focus to small businesses. Small businesses make up the backbone of the Australian economy, and we need to do all we can to ensure the industry has the tools, skills and resources to build the cyber resilience necessary to withstand attacks.”
“Before becoming a victim of a cyber-attack, 80 per cent of small businesses feel confident they can respond, despite not having the expertise and resources. Not unsurprisingly, this falls to 20 per cent*** after a small business becomes a victim of cybercrime. This to be expected as small-business owners need to believe they can keep their business running in the face of many challenges,” Mr Waite added.
“As the Council of Small Business Australia (COSBOA) recently noted one in five small businesses experienced an extortion attack last year****.
“But small businesses are also increasingly targeted by criminals using highly sophisticated cyber-attacks such as denial of service (DDoS), botnets, worms, spear phishing and drive-by exploits. It’s an increasing threat and one where the criminals seldom get caught. Mr Newbigin pointed out.
“One key element of small businesses’ arsenal against cybercrime is cyber insurance. It’s increasingly a must have for small business.
“A small business relies heavily on its reputation and this can be irreversibly damaged by a data breach. It’s at this time small businesses need the expert advice, yet without a cyber insurance policy, they may not have the resources” Mr Newbigin concluded.
The bundle includes the flexibility to cater for differing risk profiles. The comprehensive suite of insurance products addresses various first and third-party liability issues that can arise from a serious cyber attack or data breach.
Cyber Plus’s Small Business Bundle clients also have immediate access to a crisis response team, which includes a panel of forensic IT experts who will work with them to manage a cyber incident.
Cyber Plus has partnered with global consultants Deloitte Risk Services, BDO, Ernst & Young and leading credit and identity monitoring supplier Equifax plus law firms Minter Ellison, King & Wood Mallesons and Madgwicks to provide this market-leading level of advisory support.
The cyber bundle will be for sale from September 2017.
*NSW Government “Cyber Scare” May 2017 https://www.asial.com.au/documents/item/988
**Cyber Security Ventures http://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
***NSW Government “Cyber Scare” (p11) https://www.asial.com.au/documents/item/988
****Sydney Morning Herald 26th May 2017 http://www.smh.com.au/small-business/government-to-provide-15-million-as-cyber-criminals-shift-focus-to-small-business-20170525-gwcplh.html
