Insurance policies

Cybercrime insurance policies do not protect you against cyberattacks

Are you happy with ransomware attacks because you have cyber insurance?

It is estimated that approximately 60% of businesses in the United States infected with ransomware lack the proper cybersecurity systems and procedures for this very reason. Australian companies can learn from what is happening there. Many Australian companies have cybersecurity liability insurance policies that cover them in the event of an attack, but like their American counterparts, they may not have adequate measures in place to deal with a cyberattack.

It’s no wonder, then, that with cyber attacks on the rise and businesses not being properly prepared with strong security measures, cyber insurance premiums are increasing every year.

Technical sales manager Joel Newey at Integrated ICT said businesses cannot rely on their cyber insurance policy to defend against cyberattacks, but rather must step up their IT security standards because a single cyberattack on a business could spell disaster.

“The answer is investment in security and resilience. You need to invest in strengthening your defenses and disaster recovery strategy to mitigate an attack that could cause you to lose customers, lose revenue and potentially end your business,” says Newey.

Blocking potential cyber attacks is part of the story, ensuring a well-maintained disaster recovery strategy works is also vital for business continuity. Integrated ICT provides end-to-end ICT solutions to many Indigenous service businesses, including managed ICT services and disaster planning. Many are Indigenous health service providers who need to ensure they can continue to provide essential services on a consistent basis.

“One of our clients is GRAMS (Geraldton Regional Aboriginal Medical Service) who provide care to residents of the Mid West and Gascoyne. Their ability to provide reliable services has become even more critical during a pandemic. To help guard against potential damaging attacks, we have enabled the ability to run disaster recovery tests on GRAMS production servers and validate business continuity on a monthly basis,” said Newey.

Are you up to date with your protection systems against cyber attacks? Are you sure you can recover your data in the event of an attack? The best place to start is with a cybersecurity audit to get a roadmap of what you need to do. Talk to the integrated ICT team about an ICT health check. Call 6374 8200, email [email protected] or complete the online form form.