We are now in the golden age of cybercrime. Ransomware attacks have increased dramatically over the past year, with 93% more carried out in the first half of 2021 than the same period last year.
For the past 15 years, the attitude towards cyber security in most companies has been about keeping the bad guys out, with very little thought towards what happens when they get through the front door.
Companies need to shift their thinking and move away from an “if” it happens, to a “when” it happens mindset.
This is no surprise given recent statistics released by the ACCC which found that in FY21, there was a 13% increase in cybercrime reports.
Added to this, there was a nearly 15% increase in ransomware cybercrime reports.
It’s no wonder then that the big banks are now taking a much more proactive approach towards protecting themselves against increased attacks.
Insurance companies also now require clear documentation for the procedures and processes that have been put in place before they insure businesses.
If your business is asked to produce this information, it cannot be compiled quickly, it must be done ahead of time and cannot be backdated.
To learn more about what your insurance company wants to know before they insure your business, click here.