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How to Protect Your Business From Cyber Attacks in 2023

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In the past few months alone, a record number of high-profile cyber attacks have made headlines across the internet, So it will come as no surprise to any business owner paying attention that cyber-attacks are on the rise.

But did you know that 144 cases of cybercrime are reported every single day in Australia – costing businesses a jaw-dropping $300 million?

This represents an increase of 50% compared to statistics from 2021. When it comes to protecting your business and your clients, it’s never been more important to develop a serious approach to cyber security.

Here, Priority Insurance Brokers share our top tips to help you stay ahead of the curve and safe online in the coming year.

Why are Cyber Security Attacks on the Rise?

Cybersecurity attacks are becoming increasingly common, due to the growing reliance on technology and the internet. Attacks can take many forms, from viruses and malware to phishing scams and denial-of-service attacks.

One of the most common motives for cyberattacks is financial gain, as criminals can steal sensitive information or demand ransom payments. However, political motivations are also a factor, as evidenced by the recent string of high-profile attacks on public institutions. Whatever the motive, it is clear that cyber security attacks are a major threat to businesses and individuals alike.

As our businesses become more reliant on technology, it is essential that we take steps to protect ourselves from these threats.

3 Common Cyber-Attacks & How to Protect Yourself

In this increasingly dangerous digital environment, it’s important to be aware of the types of cyber-attacks and how to protect your business against them.
One of the most common types of attacks is phishing, where hackers send emails that appear to be from a legitimate source to trick users into providing personal information.
Another type of attack is known as malware, where malicious software is installed on a victim’s device without their knowledge in order to steal sensitive data.

Finally, denial-of-service attacks can be used to shut down websites or other online services by flooding them with traffic. By understanding these common types of attacks, you can take steps to protect yourself and your devices.

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For example, you can reduce your risk of falling victim to a phishing attack by being cautious about the emails you open and only clicking on links from trusted sources. You can also protect yourself from malware by installing security software on your devices and keeping it up-to-date. And if you’re ever the target of a denial-of-service attack, you can report it to the proper authorities so they can take steps to mitigate the damage.

Cyber-attacks are becoming increasingly sophisticated, but by taking some basic precautions, you can help keep yourself safe.

How To Create a Strong Approach to Cyber Security

In 2022, the following high-profile companies have suffered significant cyber attacks:

Optus
Medibank
Mailchimp
crypto.com
Microsoft
NewsCorp
CashApp

Evidently, data breaches occur with even the most successful businesses. But SMBs can just as often be the target of attacks. 43% of cyberattacks target small businesses, but only 14% are prepared to defend themselves against them. Fortunately, there are several things we can do to create a strong approach to cybersecurity.

By being aware of the risks and taking steps to mitigate them, we can help protect ourselves, our businesses, and our sensitive data. Some basic steps to improve our cybersecurity include using strong passwords, encrypting our data, and backing up our files We should also be careful about the information we share online and whom we share it with.

By taking these precautions, we can make it much more difficult for cybercriminals to gain access to our information. Additionally, we can stay up-to-date on the latest cybersecurity news and threats so that we know what to look out for. By taking these steps, we can create a strong approach to cybersecurity that will help protect us from the ever-growing threats posed by cybercriminals.

What Does the Future of Cybersecurity Hold For You?

Despite these shocking statistics, the outlook for cyber security in 2023 is positive. There will continue to be a need for skilled professionals who can protect data and networks from attacks, supported by considerable growth in the industry.

However, the landscape of cyber security will also change. New technologies and threats will emerge, and existing ones will evolve. As a result, cyber security experts will need to stay up-to-date on the latest trends to be effective. In addition, the field of cyber security will become more collaborative.

Organisations will need to collaborate to share information and resources to better protect themselves from threats.

Back Your Business With Priority Insurance Brokers

When you’re looking for a holistic approach to protecting your business, choose the business insurance broker that puts Australian business owners first.

At Priority Insurance Brokers, we’ve built our business on the foundations of trust, honesty, and integrity. Let us keep pace with global industry trends and security solutions – so you can do what you do best – running your business.

From cyber insurance to business travel insurance and cargo and fleet support, we provide the insurance that modern businesses need to succeed. Our insurance specialists are ready and waiting to find the perfect insurance to meet your needs in 2023.

Even if you already have insurance, your business will benefit from a free policy comparison.

So don’t wait to back your business. Contact our team today for a FREE quote.

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General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Priority Insurance Brokers, ABN 95 655 563 616, AFSL 233750

This article originally appeared on Priority Insurance Brokers Blog and has been published here with permission.