Tips to manage cyber risk

As a small business in little old New Zealand it’s easy to feel that you’re too small to warrant a cyber attack or your digital exposure isn’t significant enough. The reality is that hackers don’t discriminate. Over a 12-month period (Sept 2019 – Sept 2020), New Zealand businesses reported:

• 43% of New Zealanders have experienced a cyber breach
• 53% were targeted by a ransomware attack 
• 20% experienced serious disruption from a ransomware attack

   

  (Source: Aura Cyber Security Market Research Report November 2020)

Reduce your vulnerability to cyber attack

It is vitally important that network security receives the appropriate attention when reviewing risk management procedures, irrespective of whether the business is an SME or a multinational corporate. 

A key part of any risk management strategy should be to consider cyber insurance. While an insurance policy cannot prevent a breach of your network security, it can assist your business to manage and recover from one if it occurs.

Cyber risk management

There are many simple, common sense precautions you can take to help reduce your business’s vulnerability.

• Be aware: Realise that you are an attractive target to hackers. Don’t ever think “It won’t happen to me.”
• Staff education: Keep staff updated on the latest threats and responses you have in place to prevent a breach. Staff are your main exposure but also your best defence, so the better informed they are, the better protected your company is.
• Confidentiality: If someone calls or emails you asking for sensitive information, it’s okay to say no. You can always call the company directly to verify credentials before giving out any information
• Sensitive data: How is sensitive data handled, stored and by whom? Consider whether you should have restrictions on access to sensitive information.
• Plug-ins: Be very aware of what gets plugged in to your computers. Malware can be spread through infected USB drives, external hard drives and even smartphones.
• Phishing: Be wary of emails requesting payment. If you haven’t made payments to the account before, make sure you validate its authenticity.
• Security updates: Installing software updates for your operating system and programmes is critical. Always install the latest security updates for your devices and turn on automatic updates.
• Anti-virus protection: Only install an anti-virus programme from a known and trusted source.
• Passwords: Practise good password management. Use a strong mix of characters and don’t use the same password for multiple sites. Don’t share your password with others or write it down. Consider using a password manager.

Help with cyber insurance

Our experts can work with you to design a cyber insurance package to help your business manage and recover from a cyber attack. We have cyber risk management solutions for all sizes of business.