Imagine this scenario: You're leading a critical 12-month long project. It's Monday morning, and you're ready to dive into the final phase when suddenly, you can't access any of the project files. The only thing you can open is a .txt file demanding a hefty $100,000 ransom for the decryption of your data. The clock is ticking - you only have three days to pay the ransom, or the project data will be publicly released. Your business has just fallen victim to a ransomware attack, and you can't afford any project delays.
How did this occur? Was it the suspicious email your co-worker opened last Friday? Was it the network firewall with a critical patch that’s three months overdue? Was it the limited user access restrictions across the company network?
Incidents like the above can happen to any business, no matter the size or industry. In fact, during the 2021-22 financial year, over 76,000 cybercrimes were reported to the Australian Cyber Security Centre (ACSC). That's one report every 7 minutes! Plus, the financial injury of these crimes is staggering, averaging nearly $90,000 for a medium-sized business (20-199 employees).
Whether you’re a small retailer or a large financial institution, modern business is underpinned by technology and is easily disrupted by cyber threats. That's why it's essential to implement fundamental cyber security practices to manage this risk.
Here are six fundamental cyber security practices that every business, no matter the size or industry, can implement as a starting point:
Remember, no business is immune to cyber threats, but implementing these six basic cyber security practices can significantly reduce the risk and impact of cyber-attacks. Don't wait until it's too late, make cyber security a fundamental part of your business risk management strategy.
About the Author:
Risk Engineer P&C - Technology/Cyber Specialist, Chubb
Based in Sydney, Simon has been a key contributor to Chubb Risk Engineering Services since 2013. With a Bachelor of Engineering (Mechanical) and a Graduate Certificate in Cyber Security, Simon has comprehensive knowledge and a high level of expertise in technology and cyber risks.
Simon takes a holistic approach to risk management. By understanding the interconnection between different types of risk and accounting for both the likelihood and consequence of different risk factors, Simon assists clients to identify potential exposures and develop comprehensive strategies to mitigate them. Simon has worked with clients across a wide range of industries including food and beverage manufacturing, glass and plastic manufacturing, datacentres, telecommunications, healthcare, life sciences, media/broadcasting, industrial automation, defence, clean technology and fintech.
In addition to his technical knowledge, Simon is well-versed in technology and cyber industry-specific trends and stays up to date on the latest industry developments to ensure that Chubb’s clients receive the best possible advice and solutions.
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