Cyber Security Tips for SMEs.

Ensure that all antivirus and other security software is up-to-date

 

Anti-virus software is in a constant battle against evolving malware and cyber threats. As such, they can frequently release software updates.

It’s important to ensure that all computers connecting to your network has the latest version of the software installed to protect against new threats.

An easy way to ensure your anti-virus software is up to date, is to adjust the setting to auto update.

 

Develop a strong password policy

One of the easiest ways for cyber criminals to access your network is by walking through the virtual “front door” that your employees leave open when using weak passwords.

It’s a good idea to develop and enforce a strong password policy. A strong password will generally contain a mix of letters, numbers and symbols.

 

Train your team on cyber security

Provide your team with regular training on how to identify fraudulent or suspicious emails. Not clicking links or opening attachments can prevent a potential cyber breach. 

Some simple tips are:

 

  • If you don’t know who the email has come from, do not clink on any links or open any attachments.
  • If you receive a strange email from someone you do know, call them first to verify the email before clicking on links or opening attachments.
  • Always be careful when downloading anything from the internet. Make sure it’s from a reliable platform.

 

Update your IT equipment and software

Outdated operating systems and computers can be a risk because they are vulnerable to more sophisticated hacking techniques and newer forms of malware.

It may be a good idea to conduct an IT audit on your hardware and software, so you have a snapshot of your network. You then then create a plan to stay on top of outdated equipment and software.

 

Create a Cyber Incident Response Plan

Work with your IT contractor to create a response plan to a cyber-attack. Important questions to address in this response plan are;

 

  • Where is our data backed up to?
  • How frequently is our data backed up?
  • How frequently are we testing to make sure this data is being backed up properly?
  • How do we get our back up data into a new operational environment?
  • How long until the business is back up and operational?
  • What resources maybe required to implement our Response Plan.

 

Purchase Cyber Insurance

No matter how good your network security is, your business is susceptible to a cyber-attack.

Cyber insurance transfers the financial risk of a cyber attack from your business to the insurer. Generally, cyber insurance policies will pay for;

 

  • Costs associated with data recovery and decontamination,
  • Incident response and investigation expenses,
  • Loss of business income due to the cyber event,
  • Additional necessary expenses incurred to keep the business up and running,
  • Liability arising from failure to maintain confidential data and / or unauthorized use of your network.
  • Cyber extortion costs, including ransom payments.

 

Cyber insurance is becoming more affordable, with pricing starting from around $800 pa for a $250,000 limit of indemnity. Please contact us if you would like more information.

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GENERAL ADVICE WARNING

This advice has been prepared without taking into account your personal objectives, financial situation or needs. You should, therefore, consider the appropriateness of the advice, in light of your objectives, financial situation or needs before following the advice. Please obtain a copy of and consider the Product Disclosure Statement (PDS) applicable to the general insurance product before making any decision.