Cyber Security Insurance

View Fact Sheet: Cyber Security Insurance Cyber Security Insurance is currently a hot topic, earlier this month we recorded a Podcast with our long time partners Loyal IT, in the Podcast we discuss a number of issues surrounding Cyber Insurance, including what is it? Who needs it? And how to establish your company’s Security Risk Profile to assist in managing the cost of the premiums and how it can form an effective part of your security strategy. The foundation of risk management is knowledge of the factors which may cause loss. Cyber Security is no different. It is often reported that the cost to your business as a result of a successful cyber breach can be crippling. Not only on terms of financial loss but it can cause lasting damage to your business reputation.

Cyber breaches are increasing and being reported daily. The information though, does not offer real answers. In the first quarter of 2018 breaches reported to the Australian Government under the Notifiable Data Breaches scheme showed that the Health sector accounted for 24% of the total number breaches followed by Legal and Accounting at 16% and Financial Services including Superannuation 13%.

Cyber Security is about Risk Minimisation and Asset Protection, it is no different from other parts of business where assessment of risk in order to minimise potential impact is undertaken. Traditional security solutions such as Antivirus, Spam Detection and Firewalls are no longer 100% effective against today's cyber-atacks.

A simple way to establish a credible understanding of your Cyber Risk is to undertake a Vulnerability Scan, with ongoing monitoring service. The Vulnerability Assessment scans all your digital assets, identifies all vulnerabilities and upon completion of the scan SoftGen delivers a Remediation Report. In addition to the Podcast please find included a fact sheet. If you would like to discuss either Cyber Insurance or how our Vulnerability Assessments can assist in establishing your Risk Profile, please call Richard on 0418 200 955 or email at richardc@sgen.com.au.