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Cybercrime on the rise

Cybercrime on the rise

Did you know that 80% of CEO’s in Australia rate cybersecurity as a top investment priority?

Even though Australia’s unemployment rate is increasing as a whole, the demand for I.T experts is increasing and is predicted to continue into 2018.

Cybersecurity specialists are among those in high demand, which can be linked directly to the increase in cybercrime. The ACSC (Australian Cyber Security Centre) identified that between 2016 to 2017 there were 47,000 cyber security incidents — a 15 per cent increase on the previous year.

Cyber Security Minister Dan Tehan told the National Press Club in October 2017, “business is booming for cyber criminals. “The days of the cyber threat being deployed by a hooded computer geek in a basement are over,” he said. “Sophisticated organised criminal networks are taking control and franchising their business model.”

The ACSC found one area of focus for criminals was business email compromise through phishing emails, specifically targeting those in the SME space.
Over the course of 2016-17, reports to the ACSC indicated losses of over $20 million related to business email compromises.

This high cost is alarming, driving many business owners to purchase business insurance in order to protect their companies from loss of revenue, damage to equipment and reputational issues, which are just some of the damaging concerns with cybercrime.

What does business insurance cover?
There is no one size fits all when it comes to business insurance, with every business, insurance needs vary depending on what type of industry, trade and type they’re operating in. In fact, there are many different types of business insurance which focus on assets and revenue, liabilities, and personnel, including:
• Professional liability
• Property insurance
• Theft and burglary
• Workers compensation
• Loss of revenue due to felony

With many different options available, the cost to cover a business if something goes wrong may seem daunting – especially if they want to maintain cash flow, which can be assisted through Insurance premium funding smoothing out these costs.

Neil Ferguson is Senior Finance Executive at Ledge Finance and is a member of the CAFBA Board

May 2018

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