Some businesses owners believe cyber risk won’t impact small business and is a “big end of town” concern. This is not the case.
We increasingly interact with our customers, suppliers, staff and each other generally via electronic means, therefore, cyber risk needs to return to front of mind.
Cyber risk is any risk associated with financial loss, interruption to business operations or damage to an organisation’s reputation resulting from information system breaches.
Cybercrime, data breaches (which has Privacy Act implications including mandatory data breach reporting) and system outages are familiar examples.
We recommend businesses review their insurances to ensure that they hold insurance to mitigate cyber risk, either via a direct policy or in their business insurance pack.
To assist GST registered small businesses with less than 19 staff, the Cyber Security Small Business Program provides 50% of costs (up to $2,100) towards a Cyber Security Health Check for a nominated provider.
For more information, please contact your Cutcher & Neale advisor.