Tips to Help Your Business Get Started with Cybersecurity

Australian companies should consider adding cybersecurity in their IT process – ensuring IT measures in place for data, networks, and devices. 

 

If you are unsure where to start, below are tips to help you get started in implementing cybersecurity in your business: 

Businesses should start reviewing various insurance policies. Deciding whether your company would benefit from cyber liability coverage should be included in your process. This is a form of cover to help companies mitigate the frequently significant expenses in connection with the recovery from security breaches and cyber-attacks. 

 

Cyber insurance became popular due to the proliferation of businesses engaging with online services. A reputable broker can give you the details regarding cyber liability insurance choices and help you to secure cover which fits the scale and size of your business. 

 

It is also crucial to know that cyber liability insurance should not be viewed as an alternative to executing strong cybersecurity measures. Organisations may struggle to get cover if they are unable to show that they have reasonable measures in place. These may include utilizing appropriate IT software, updating them regularly and training employees to minimize occurrences of internal security breaches. 

 

Ongoing training is the most effective prevention to avoid cyber infiltrations and privacy breaches.  Training programs must be set up to educate employees about daily security best practices to guarantee the safety of company and customer data. 

 

A serious data breach is an incident where personal information is put at risk – customer names, contact details or personal records. 

 

There are serious penalties for Australian businesses if they fail to advise customers and the Office of the Information Commissioner in cases of suspect or actual serious data breaches. Penalties for not reporting breaches within a month can be as steep as $ 1.8 million for serious or repeat offenders. 

 

Check your privacy policy and create a data breach response plan. You also need to think about the reporting responsibilities and make sure to cover everything. 

 

Store business data and activities via cloud services. Have IT experts check your technology, people and process to make sure applications are migrated smoothly and safely. 

 

Invoice fraud is a more complex security issue, though it’s not technically regarded as IT risk.

 

Ensure your account payable system is strong. Establish measures to identify rogue invoices during your cyber-security evaluation.