Another week, another three major cyber attacks hit the news. You may have seen recent reports that Cabrini Hospital in Melbourne, Toyota Australia and the Australian government have all been targeted by sophisticated cyber attacks. The government and Toyota have claimed that the attacks were unsuccessful and no data was obtained, but Australian security agencies are investigating the ransomware attack on the hospital.
There are so many cyber attacks (one every 39 seconds according to Security Magazine), that it can start to sound like white noise. But the figures below should convince you otherwise. You might think 'it won't happen to me, it only happens to big corporates' but it's also important to note that 43% of cyber attacks target small businesses!
Regardless of your individual opinion on the #MeToo movement, it continues to be headlining news and is causing policymakers and business leaders to change the way they view things like bullying, discrimination and harassment. All of these factors can result in an increase in employment and reputational risk, so we thought it was worth examining how these trends could impact our clients, their risk management practices and insurance solutions.
If you had a physical business with a shopfront you probably wouldn’t hesitate or think twice about getting insurance to cover your assets and customers. When you have an online business the potential risks that can occur are less obvious compared to that of a physical shop.