Tag Archives: risk assesment

𝐀 𝐏𝐫𝐢𝐜𝐞 𝐖𝐨𝐫𝐭𝐡 𝐏𝐚𝐲𝐢𝐧𝐠 – 𝐖𝐡𝐲 𝐂𝐲𝐛𝐞𝐫𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐢𝐬 𝐚 𝐒𝐦𝐚𝐫𝐭 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐟𝐨𝐫 𝐘𝐨𝐮𝐫 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬

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Pondering the costs of #cybersecurity can often be like peering into a Pandora’s box of unfathomable expenses, inscrutable tech jargon, and hidden caveats.

Why does it cost so much?

More importantly, how can we convince the holders of the purse strings, our venerable C-suite, that it is not an expense, but an investment in the business?

Let’s navigate this conundrum together, and illuminate why a robust cybersecurity system, capable of identifying, reacting, and responding to cyber threats, is the smart choice.

Imagine #cybersecurity as your organization’s invisible guardian, much like a superhero – it steps in when things go wrong, defends your digital fortress, and shields your business’s reputation.

Now, superheroes don’t come cheap.

Their powers are derived from advanced technologies, skilled manpower, constant updates, and a proactive approach to threats.

Similarly, cybersecurity demands high-quality resources, expertise, and proactive measures to keep your business safe.

It’s like buying an insurance policy, except it’s for your digital world.

Here’s the catch though – cyber threats aren’t your run-of-the-mill villains.

They’re shape-shifters, evolving at a pace that can make your head spin.

Just when you think you’ve got your defence sorted, they throw a curveball.

This is why it’s crucial to have systems that can react in real-time, identify threats promptly, and respond swiftly.

It’s about staying one step ahead of these cyber tricksters.

Now, how do we make our case to the C-suite?

We talk numbers and impact.

Cybercrime is projected to cost the world $6 trillion annually by 2021.

Can any business afford to take a slice of this perilous pie?

Moreover, the impact of a cyber attack isn’t just monetary.

It shatters customer trust and taints your brand’s reputation, a blow from which recovery can be painfully slow and steep.

Then there’s the upside.

A study by Better Security and the Ponemon Institute found that organizations see a 14% reduction in risk when they invested in cybersecurity.

And isn’t that what our C-suite loves – solid returns on investment?

Cybersecurity is not a cost – it’s an investment in the safety, reliability, and reputation of your business.

It’s a strategic move to protect against potential losses and ensure business continuity.

In an era where business is increasingly conducted in the digital realm, cybersecurity isn’t an option. It’s a necessity, a price worth paying.

So, let’s strap in and embrace the investment that promises a smoother journey in the exciting but unpredictable digital world.

How does an Australian nonprofit get back to business as normal after a cyber event?

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Getting back to business as normal after a cyber event can be a challenging process for any organization, including nonprofit organizations in Australia.

Here are some steps that nonprofits can take to resume operations after a cyber event:

Restore critical systems:

Nonprofits should prioritize restoring critical systems and data first.

This may involve rebuilding or repairing IT systems and data backups.

Conduct security assessments:

Nonprofits should conduct security assessments to identify any vulnerabilities and ensure that security measures are up to date.

This may involve hiring a cybersecurity expert to perform an assessment or using a security software tool.

Communicate with stakeholders:

Nonprofits should communicate with stakeholders, including donors, partners, and staff, about the incident and its impact.

This can help maintain trust and transparency with the organization’s supporters and minimize reputational damage.

Review response plan and policies:

Nonprofits should review their response plan and policies to identify areas for improvement.

This can include revising the response plan to address any weaknesses identified during the incident.

Provide training and education:

Nonprofits should provide ongoing training and education to staff to ensure they are aware of the latest cyber threats and know how to prevent future incidents.

Monitor systems:

Nonprofits should monitor their IT systems and data for any unusual activity or anomalies.

This can help identify potential security incidents before they become major problems.

Review insurance coverage:

Nonprofits should review their insurance coverage to ensure they have adequate coverage in the event of a future cyber incident.

Recovering from a cyber event can be a complex and time-consuming process.

Nonprofits can benefit from seeking advice and assistance from cybersecurity experts and regulatory authorities to ensure they are taking appropriate steps to resume operations and prevent future incidents.

By taking proactive steps to prevent cyber incidents and being prepared to respond if an incident occurs, nonprofits can minimize the impact of cyber threats and continue to fulfill their mission.

How does a non profit organisation recover from a cyber event?

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Recovering from a cyber event can be challenging for any organization, including non-profit organizations in Australia.

Here are some steps that non-profit organizations can take to recover from a cyber event:

Containment and assessment:

The first step in recovering from a cyber event is to contain the incident and assess the damage.

This may involve disconnecting affected systems from the network and determining what data has been compromised.

Response plan activation:

Non-profit organizations should have a response plan in place for cyber incidents, which outlines the steps to be taken in the event of an attack.

This plan should be activated as soon as the incident is detected to ensure a timely and coordinated response.

Notification:

If personal data has been compromised, non-profits may need to notify affected individuals and regulatory authorities, such as the Office of the Australian Information Commissioner (OAIC), under the Notifiable Data Breaches (NDB) scheme.

Non-profits should follow the guidelines set out by the OAIC regarding the content and timing of data breach notifications.

Communication:

Non-profits should communicate with stakeholders, including donors, partners, and staff, about the incident and its impact.

This can help maintain trust and transparency with the organization’s supporters and minimize reputational damage.

Recovery and restoration:

Non-profits should work to restore affected systems and data, including implementing data backups, patching vulnerabilities, and updating security measures.

Non-profits should also review their response plan and security measures to identify areas for improvement.

Review and prevention:

Once the organization has recovered from the cyber event, it’s important to review the incident and identify areas for improvement.

Non-profits should also take steps to prevent future cyber incidents, including implementing stronger security measures and providing ongoing training and education to staff.

Recovering from a cyber event can be a complex and time-consuming process.

Non-profits can benefit from working with cybersecurity experts and seeking advice from relevant regulatory authorities to ensure they are taking appropriate steps to recover and prevent future incidents.

How does an Australian non profit organisation know how to stop a cyber event from happening again?

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Preventing a cyber event from happening again is a critical step for nonprofit organizations in Australia.

Here are some steps that nonprofits can take to stop a cyber event from happening again:

Conduct a security assessment:

Nonprofits should conduct a security assessment to identify any vulnerabilities in their IT systems and data.

This may involve using security software tools or hiring a cybersecurity expert to perform the assessment.

Review policies and procedures:

Nonprofits should review their policies and procedures related to cybersecurity, data protection, and incident response.

This can help identify areas for improvement and ensure that the organization has appropriate controls in place to prevent future incidents.

Implement security measures:

Nonprofits should implement security measures to prevent cyber events, such as strong passwords, two-factor authentication, and regular software updates.

Nonprofits should also ensure that their systems and software are properly configured and patched.

Provide training and education:

Nonprofits should provide ongoing training and education to staff to ensure they are aware of the latest cyber threats and know how to prevent cyber events.

This may include training on how to recognize and report suspicious activity, as well as how to use security software tools.

Monitor systems:

Nonprofits should monitor their IT systems and data for any unusual activity or anomalies.

This can help identify potential security incidents before they become major problems.

Have an incident response plan in place:

Nonprofits should have an incident response plan in place to respond quickly and effectively in the event of a cyber event.

This plan should include procedures for notifying stakeholders, collecting evidence, and recovering data and systems.

Regularly review and update security measures:

Nonprofits should regularly review and update their security measures to ensure they are up to date and effective against the latest threats.

In summary, nonprofits can stop a cyber event from happening again by conducting a security assessment, reviewing policies and procedures, implementing security measures, providing training and education, monitoring systems, having an incident response plan in place, and regularly reviewing and updating security measures.

Cyber is a risk that cannot be insured unless the insured takes on more risk

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Cybersecurity is a hot topic in today’s digital age.

With the increasing reliance on technology and the internet, businesses and individuals are at risk of cyber-attacks and data breaches.

Unfortunately, many people assume that their insurance policies will cover them in case of a cyber incident.

However, the reality is that traditional insurance policies may not provide adequate protection against cyber risks.

The main reason for this is that cyber risks are constantly evolving and new threats are constantly emerging. As a result, insurance companies are often unable to keep up with the latest developments in the field.

Furthermore, many insurance policies have exclusions or limitations when it comes to coverage for cyber incidents.

This means that even if you have insurance, you may not be fully protected against a cyber attack.

So, what can you do to protect yourself against cyber risks?

One option is to purchase a standalone cyber insurance policy.

These policies are specifically designed to provide coverage for cyber incidents and typically include coverage for things like data breaches, cyber extortion, and business interruption.

However, purchasing a standalone cyber insurance policy also means taking on more risk.

Many standalone policies have high deductibles and exclusions, which means that you may still be on the hook for a significant portion of the loss in the event of a cyber incident.

Another option is to take a proactive approach to cybersecurity.

This can include implementing strict security protocols, regularly updating software, and training employees on how to recognize and prevent cyber attacks.

By taking steps to reduce your risk, you may be able to negotiate more favorable terms on your insurance policy.

In short, cyber risks are a reality that cannot be ignored.

While insurance can provide some protection, it is not a silver bullet.

Businesses and individuals need to take a holistic approach to cybersecurity, including both insurance and risk management measures.

And remember, just like a good lock on your front door, being proactive can keep cybercriminals at bay.

No one waits for a car accident before investing in insurance why would cyber insurance be any different

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The use of technology has become an integral part of our daily lives.

From the way we communicate with others to the way we conduct business, technology has transformed nearly every aspect of modern society.

As a result, the risk of cyber-attacks and data breaches has also increased significantly.

Unlike car accidents, which are typically one-time events, cyber attacks can have long-term consequences.

They can result in the theft of sensitive personal and financial information, damage to a company’s reputation, and even legal action.

The costs associated with these types of attacks can be substantial.

This is where cyber insurance comes in.

We invest in car insurance to protect ourselves in the event of an accident, cyber insurance can provide protection against the financial consequences of a cyber-attack.

It can help cover the costs of recovering from an attack, such as legal fees, data restoration, and public relations efforts.

There are several reasons why people and businesses should consider investing in cyber insurance.

It provides financial protection in the event of a cyber attack.

It’s impossible to completely eliminate the risk of a cyber-attack, but having insurance can help alleviate some of the financial burdens that comes with dealing with the aftermath.

Another reason to consider cyber insurance is the increasing frequency of cyber attacks. It’s not a matter of if a company will be attacked, but when.

There are potential legal consequences to consider.

A company may be held liable for a data breach if it fails to adequately protect customer data.

Cyber insurance can help cover the costs of legal action and settlements, which can be substantial.

Despite the clear benefits of cyber insurance, many people and businesses still don’t invest in it.

This may be due to a lack of awareness about the risks of cyber-attacks and the potential consequences.

Others may believe that their company is too small to be a target or that they have sufficient in-house security measures in place.

It’s important to remember that cyber attacks can happen to anyone, regardless of size or industry.

Small businesses and non-profits are often targeted because they may have fewer resources to devote to cybersecurity.

Cyber insurance can provide an extra layer of protection against the unexpected.

No one waits for a car accident before investing in insurance, it’s important not to wait for a cyber attack before considering cyber insurance.

The risks of a cyber attack are real and the consequences can be severe.

Don’t wait until it’s too late – consider cyber insurance for your business today.

It is the responsibility of the board of directors to carefully consider and manage these risks.

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Business risk is an inherent part of any enterprise, and it is the responsibility of the board of directors to carefully consider and manage these risks.

When it comes to cybersecurity, there are several factors that the board of a small, medium or non-profit enterprise should consider in order to determine what is an acceptable business risk.

First and foremost, it is important for the board to understand the potential consequences of a cybersecurity breach.

This includes not only the financial costs of responding to the breach and repairing any damage but also the impact on the company’s reputation and customer trust.

The board should also consider the likelihood of a cybersecurity breach occurs, as well as the potential severity of the consequences.

One way to manage cybersecurity risk is through the implementation of robust security protocols and technologies.

This includes ensuring that all software and systems are regularly updated and patched, using strong passwords and implementing two-factor authentication, and regularly training employees on cybersecurity best practices.

The board should also consider investing in cybersecurity insurance, which can help to mitigate the financial impact of a breach.

Another aspect of managing cybersecurity risk is having a robust incident response plan in place.

This should outline the steps to be taken in the event of a breach, including how to communicate with employees, customers, and the media, as well as how to restore systems and recover from the incident.

It is important for the board to consider the potential for external threats, such as cybercriminals.

This includes considering the use of security tools such as firewalls and intrusion detection systems, as well as implementing processes for monitoring and detecting potential threats.

In addition to these technical measures, the board should consider the role of company culture in managing cybersecurity risk.

This includes promoting a culture of cybersecurity awareness and education among employees, as well as setting expectations for responsible behavior online.

Ultimately, the acceptable level of business risk when it comes to cybersecurity will depend on the specific circumstances and needs of the enterprise.

The board should carefully consider the potential consequences of a breach, the likelihood of such an incident occurring, and the measures in place to mitigate and manage these risks.

By taking a proactive approach to cybersecurity, the board can help to protect the company’s assets and reputation, and ensure the long-term success of the enterprise.

Why you need an off-site backup

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Off-site, secure, out of band backups are your only hope for recovery in a cyber event

Ransomware, the scourge of today’s business, is literally a click away from crippling your business and organisation.

“Attackers can reportedly execute the malware and begin encrypting most file types and removing all local backups. It is still unclear how much the demanded ransom is, but researchers have found that TFlower doesn’t append the encrypted files’ extensions.” Connor Madsen webroot. https://www.webroot.com/blog/2019/09/20/cyber-news-rundown-tflower-ransomware-exploiting-rdp

A determined crypto-virus attack on your organisation can reduce the organisations chance to make money, it can impact your reputation and can cause problems for months if not years.

Even an accidental infection, most result from an accident, can cause similar effects.

In the event of a crypto-virus attack, especially for small and medium enterprises, you have 2 options.

  • You pay the ransom – you may get your data back, you may get some of it back or you may get none of it back, we are after all talking about a criminal organisation that is holding your data to ransom.
  • You recover from your backup.

Paying the ransom is up to you, most security and ICT companies will say not to pay.

If you have a security or ICT company, or someone in your organisation that does the job they would have told you to do a backup.

Your back up has to cover the following:

  • It should be regular – depending on your requirements for the data and access to the data a back up should be completed every 24 hours.   A better solution is to have an incremental backup every 15 minutes.
  • It should have no human intervention – the backup has to run no matter what.  If you are backing up to a hard drive, connected to your device and you require someone to change drives then human error comes into it.   The old adage that the backup will fail the same day you need it is true.
  • It should be off-site – As in totally away from the business but also not connected to the business except when it is doing a backup.
  • It should be secure – all the data, no matter where it is stored should have encryption wrapped around it.   It should be encrypted at rest (stored on the location), it should be encrypted in transport (getting there and back) and it should be encrypted if you are going to use it.  This stops the information being stolen but also being accidentally accessed by the provider.
  • It should be tested regularly – you have done a backup and that’s all I have to do.   No, you need to test it regularly.   Do a regular restore to test that it works and also to ensure that you are backing up ALL of your essential data.   You do not want to be in a situation where a failure is your first test.

Achieving all of these components is difficult.   Try talking to us or a reputable ICT and security provider concerning your options!

Click here for your free trial of a secure, out of band off-site backup solution.