At Findex, we understand the importance of protecting your business against evolving cyber risks, including the theft of funds. Tailored cyber insurance solutions provide peace of mind and financial security in an increasingly digital world.
Cyber insurance is designed to cover financial losses and liabilities arising from cyber incidents, such as:
Data breaches.
Hacking and ransomware attacks.
Business interruption caused by system outages.
Social engineering and phishing scams.
Theft of funds through fraudulent cyber activities.
Cybercrime is an ever-present danger for Australian businesses. According to the latest report by the Australian Cyber Security Centre (ACSC), the organisation received over 76,000 cybercrime reports in 2023, equating to one report every six minutes. The ACSC also noted that small to medium businesses are among the most targeted, with losses attributed to cybercrime exceeding $39 billion annually.
Business Email Compromise (BEC): In 2023, Australian businesses reported over $98 million in losses due to BEC scams.
Ransomware attacks: These continue to rise, with the ACSC identifying ransomware as one of the most destructive cyber threats, often crippling businesses for weeks.
Phishing and fund theft: Fraudulent schemes targeting financial transactions remain a top concern, with phishing and impersonation attacks increasing by 13% compared to the previous year.
These statistics highlight the urgent need for businesses to proactively address their cyber vulnerabilities.
Cyber insurance provides a comprehensive safety net, addressing both immediate and long-term impacts of a cyber incident. Key coverages include:
Covers costs associated with responding to a data breach, including:
Notifying affected customers.
Credit monitoring for impacted individuals.
Engaging forensic IT experts to identify and contain the breach.
Protects against income loss and extra expenses if your business operations are disrupted due to a cyber-attack.
Protects against legal claims from customers, suppliers, or other third parties affected by the breach of their data.
Covers the costs of dealing with ransomware attacks, including negotiation, ransom payment (if legally permissible), and system restoration.
One of the fastest-growing cybercrime threats is theft of funds, often executed through fraudulent emails or account takeovers. Cyber insurance covers:
Loss of money stolen via cyber fraud, such as phishing or business email compromise.
Costs to investigate and recover stolen funds.
Cybercriminals are increasingly targeting businesses with schemes to steal funds directly.
Examples of fund theft risks:
Business Email Compromise (BEC): Fraudsters impersonate a senior employee or vendor, convincing staff to transfer funds to a fake account.
Phishing attacks: Employees are tricked into divulging sensitive login credentials, allowing attackers to access business bank accounts.
Malware: Malicious software infiltrates your systems to redirect financial transactions or steal payment information.
A manufacturing business received what appeared to be a legitimate email from a supplier requesting payment to a new bank account. The payment of $50,000 was processed, only to discover later that the email was fraudulent. With cyber insurance sourced through Findex, the business recovered the stolen funds and received expert assistance to prevent future attacks.
Evolving threat landscape
Cybercriminals are constantly finding new ways to exploit vulnerabilities. Cyber Insurance aims to ensure your business is prepared for the unexpected.
Financial protection
The cost of recovering from a cyber-attack can run into the millions. Cyber Insurance can assist in covering these costs, including theft of funds and business interruption.
Regulatory compliance
Data breach notification laws require businesses to report and respond to cyber incidents promptly. Cyber Insurance can provide the resources to meet these obligations.
Reputational protection
A cyber-attack can damage your reputation and erode customer trust. Insurance helps you manage public relations and restore confidence.
At Findex Insurance Brokers, we specialise in helping you to protect your business from cyber risks, tailoring insurance solutions to meet your unique needs. With access to leading insurers and a deep understanding of cyber threats, we provide:
Expert advice on risk mitigation.
Policies that include theft of funds, ransomware, and liability coverage.
Assistance with incident response, including IT forensics and legal support.
Ongoing support to safeguard your business against future risks.
Cybercrime is not a matter of if but when. Don’t let a cyber incident jeopardise your business’s financial stability or reputation. Contact Findex today to discuss how our Cyber Insurance solutions can provide the protection you need.
The latest Australian Cyber Threat Report 2023-24 was released on November 20, 2024, by the Australian Signals Directorate (ASD). It provides an in-depth analysis of the evolving cyber threat landscape in Australia, emphasising the increasing sophistication of cyber threats targeting businesses, critical infrastructure, and individuals. Key highlights include the ongoing challenges posed by state sponsored actors and cybercriminals, as well as the importance of national collaboration to bolster cybersecurity.
The report also offers actionable guidance, insights into ASD’s services, and details about uplift programs designed to enhance cybersecurity practices across various sectors.
You can access the full report and its associated factsheets directly on the Australian Signals Directorate website.
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