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How to protect your business from Cyber-Crime

Latest statistics reveal cyber-crime costs Australian businesses approximately $4.5 billion each year.

Businesses can take out insurance for cyber-crime to protect against a cyber-attack and financial loss. However, prevention is better than cure.

There is nothing worse than a disruption to your business.

These days, the majority of businesses rely on computer systems to maintain their day-to-day operations. Any breach of security due to cyber-crime can lead to significant downtime and disruption to the business.

One of the simplest ways to secure your business’s data is to use a reputable cloud-based service. This will take away the headache of hardware maintenance and replacement. It also ensures that industry leading security standards are applied.

In February 2018, data breach reporting for all business, big and small, became mandatory. Any loss of data, unauthorized access or unauthorized disclosure must be reported.

By having personal data on mobile or removable storage devices, your business is at risk of data breach. What if these devices are lost or stolen? It is recommended that businesses use apps or programs that do not store data on the mobile device.

Another common method of cyber-crime resulting in data breach is through interception of email. This may include personal information either in the email itself or attached as a file to the email. It is recommended that businesses adopt a more secure method of file sharing. Secure cloud-based systems require a username and password. These significantly reduce the possibility of a data breach.

According to research, over 50% of small businesses have not taken adequate steps to secure their data.

There are significant penalties for a data breach which could have a significant impact on the viability of the business:
– Fines of up to $360,000 for individuals; and
– Fines of up to $1.8 million for organisations.

Small businesses need to prepare for a data breach. A data breach response plan is a necessity.

Have you got concerns regarding cyber-crime and your business? Do you know your legal obligations to secure your client’s data? Sheridan Legal is able to assist you.