We’ve spoken a few times now about the growing threat of cyber crime but with recent high profile breach cases like the Ashley Madison website, it’s now BIG news.

This was a big company example but the truth is, around 60 per cent of all cyber attacks are targeted at SME businesses. (2014 Cost of Data Breach Study: Australia)

That’s because they’re more vulnerable, often without the time, budget or know-how to ensure proper security. The same study showed the average cost of an attack on an unsuspecting business victim was around $275,000! That kind of money could be the difference between growing the business and shutting up shop!

You could adopt a ‘she’ll be right mate’ type of attitude but it would be a dangerous one, with the risk of cyber crime so high that another study on the topic predicts 1 in 5 (18%) of Australian businesses are  likely to suffer a cyber attack in the next two years.

Cyber crime is used as an umbrella term to refer to an array of criminal activity including offences against computer data and systems, computer-related offences and copyright offences. Cyber criminals (like hackers or even someone close to the business) will often target sensitive client information like bank details.

Thankfully, with the growing risk, comes a growing collection of resources and tools to help mitigate the risks of cyber crime and reduce the potential impact on your business.

The Australian Signals Directorate has developed a list of strategies to address the risk and are ranked in order of their effectiveness. Its Top 4 Strategies to Mitigate Targeted Cyber Intrusions are mandatory for  Australian Government agencies.

You can read them here.

Or visit these excellent websites, to help you better understand all types of cyber risks:

• Australian Cybercrime Online Reporting Network – acorn.gov.au
• Cybersmart website and Outreach program – cybersmart.gov.au

Finally, there is Cyber Insurance.

This is a flexible package policy that provides a range of cover designed to easily integrate with your existing insurance program.

For more information about preparing for the event of cyber attack, please call your broker.