In this digital age, it is almost impossible to avoid both professional and cyber risks. Claims related to professional negligence and the effects of cyber crime can severely impact your financial stability and reputation. When it comes to choosing your insurance, how do you protect yourself … [Read more...] about Cyber Insurance and Professional Indemnity Insurance: Understanding Their Importance and Differences
In a stunning demonstration of the evolving landscape of cybercrime, a finance worker at a multinational firm in Hong Kong was deceived into transferring a staggering 200 million Hong Kong dollars (approximately $39 million Australian dollars) to fraudsters employing deepfake technology. This … [Read more...] about Deepfake Deception: A $39 Million Scam Unveils the Dark Side of AI in Cybersecurity
Who are Medusa, and what can you do to protect your business? Cybersecurity firm CyberCX has recently reported at least 20 double extortion schemes by the cybercriminal gang Medusa, carried out across Australia and the Pacific since January 11. Judging by its difference in operations … [Read more...] about Cybercriminal Gang ‘Medusa’ Wreaking Havoc Upon Australian Businesses
Website hosting provider GoDaddy released statements revealing that they were under attack by cyber criminals. These unauthorised third parties hacked into GoDaddy’s cPanel shared hosting servers, installing malware that caused intermittent redirection of customer websites. This was apparently a … [Read more...] about Urgent! Web Hosting Provider Godaddy Reports Major Security Breach
As more aspects of businesses are digitised, cybercrime has become an increasingly legitimate, dangerous concern that too few companies find themselves prepared for. As defined by the Australian Federal Police (AFP) website, the term ‘cybercrime’ describes both: Crimes directed at … [Read more...] about Cyber Insurance: Who Actually Needs it, And Why? (Part 1)
A recent study by IBM found that the average cost of a data breach in Australia is now 4.1 million dollars, up from 4 million dollars in 2021. In fact, if you're an Australian business reading this article, do you know that there is a 30 percent chance you will suffer a data breach? These … [Read more...] about Optus Won’t Be The Last: Why Data Security is of the Utmost Importance for Your Business in Australia
For your urgent attention: your system may be compromised. There is a cyber security vulnerability making headlines worldwide that should be discussed with your IT or cyber security team as a matter of urgency. You may have heard about a serious new vulnerability uncovered over the weekend, … [Read more...] about Immediate Action Required: Log4j Vulnerability
If you provide web hosting services to other companies, or subcontract your web hosting to a third party, it’s important that you speak to your business insurance broker about declaring these activities to your insurer. This is important for three reasons: If your or your client’s website is … [Read more...] about Beware: Why You Should Declare Web Hosting, Even if it’s Through a Third Party