Cyber Crime - Why EVERY Business needs to heed the warning.
Charline Mitchener, Marketing Manager of Ausure shares why Cyber Crime is now an everyday threat to Australians – even those who consider themselves ‘Cyber Safe’.
If you have an insurance broker that assists you with your insurance, they would (should) have discussed Cyber Insurance with you at some point. Whilst in previous years, it was something you may have read about in the news (everyone remembers the infamous Ashley Madison data breach), it was something still new to the average business owner.
Fast forward to 2022, when every second text message, phone call or email is someone pretending to deliver an ‘undelivered parcel’, notify you of a payment failure for Netflix or open an urgent document – the threat to everyday Australians, in particular, small and medium businesses has never been greater and the importance of Cyber Insurance is difficult to ignore.
I like to think I’m pretty switched on with things like this – I don’t click on links, open documents or respond to unknown text messages without doing some googling or research first. I feel confident I’m ‘Cyber Aware’. But yesterday I got caught out, I clicked on a link I received via a text message, and suddenly I don’t feel quite as confident as I used to.
Remember the days when you would receive an email from a foreign King looking to call Australia home, who, magically has chosen YOU as his assistant to set him up? He will pay you in gold and diamonds – can you just transfer him the $2000 to pay for his visa? Unfortunately, the number of people that would believe the fairytale, and as a result, lose the entire balance of their bank account will astound you.
However, nowadays – the communication tactics used by cybercriminals are more believable. Company Logos, fake addresses, and believable wording are all used as part of the tactic to get you to click here, open that and pay there. So even though I knew all the signs to look out for, it happened to me.
Below are some examples I’ve received just over the last WEEK!
It was only recently I was looking at changing Health Insurance to BUPA – like many I’m a sucker for completing a form and not hitting submit – opting to finish it later. So when I received a text message over the weekend to advise my BUPA payment had failed, I immediately thought I had accidentally bound cover online without realising.
Without hesitation, I clicked on the link in the text message which took me to a page outlining all my successful payments and the failed September payment. It was only then that I realised, that even I (a secretly confident Cyber Safety Expert) could fall prey to Cyber Thieves and Criminals.
What tipped me off? The regular ‘successful’ payments of $23.25 – HAHA – anyone with a family and health insurance knows that $23.25 a month is a blaring red alarm in itself that something isn’t right. Under the list of payments was a link to ‘rectify’ the problem and pay the failed amount. How many have clicked that button I wonder? Upon some googling, I found this on the BUPA website confirming my suspicion – https://www.bupa.com.au/contact-us/protect-your-information
So why do I tell you this story? Because now is the time to heed the warning. Unfortunately even the most Cyber Safety aware staff and business owners can still be Cyber Attacked. It’s not just on you – if you have staff, the risk of them opening an email, clicking on a link or accidentally sharing confidential client information is even greater.
Like most things, it’s easy to think it won’t happen to you. But increasingly, we are all getting exposed to the threat. Here are some facts which may surprise you.
8 minutes – How often a cybercrime is approximately reported in Australia
310% – The increase in calls by Australians reporting a Cyber security issue to the Australian Cyber Security Centre.
$33,442 – is the average loss (or cost) to medium size businesses. Breakdown below.
Figure 4: Cybercrime reports and average reported loss by organisation size for financial year 2020–21
23% of all Cyber crimes in Australia is Fraud. This is where real people (“actors”) use computers or online services to steal money or intellectual property.
Cyber seems to be an East Side Story! About 80% of Australian cyber victims are on the east coast of Australia, with QLD & VIC “leading” the way
What can you do to protect yourself?
Don’t reuse passwords
Always use Multi-Factor Authentication
Never share passwords
Ausure takes these threats and exposures seriously for our clients – in fact at our recent Networking Meetings, Ausure Claims Manager, Craig Barnden, has advised it is now a requirement that all Ausure Brokers speak to clients about the threat of Cyber Insurance and record the discussion in File Notes. Why? Because now, it’s no longer a question of if, but WHEN a business will be the victim of a Cyber Attack and Ausure Brokers need to have proof that we made the client aware of this danger.
To chat to us about your possible Cyber Exposure, contact Ausure today for an obligation-free chat – we’re here to help.
Prefer to speak with someone? Give us a call on 1300 587 225.
Marketing Manager of Ausure
T (07) 3319 5100