Australian businesses were recently hit by a devastating global ransomware attack. In late June this attack swept across computer systems in Europe and the US, before quickly affecting a range of local companies.

Businesses hit by it include Cadbury and Qantas, and a range of courier companies and legal firms.

Australia’s cyber security minister Dan Tehan described the attack as a “wake-up call” for Australian businesses. One professor told The Daily Telegraph that such attacks are “just the beginning. It’s not a one-off. It is just accelerating.”

If some of the biggest companies in the country, or even the world, can be hit by ransomware, your business can too. Small businesses are particularly vulnerable to cyber attacks.

What is ransomware?

Ransonware is a type of virus that seizes control of a computer and only relinquishes that control once a sum of money has been paid.

Many different types of ransomware exist. They all stop you from using your computer, often by preventing access to Windows. Different types of ransomware also target mobile phones.

How to protect your business

There are some things you can do to defend yourself against ransomware. Here are four key tips:

  • Use an antivirus program. A surprising number of businesses don’t use antivirus programs, or use ones that are out of date.
  • Always install updates. It may be annoying to wait a couple of minutes for a software update to install, but that is a lot better than being a victim of a ransomware attack.
  • Backup your files. Ensure all your information and files are stored in a completely separate system. This may be an external hard drive that isn’t connected to the internet.
  • Be wary of suspicious emails and links. Ransomware attacks are often triggered after users click on unfamiliar links or download infected files.

The importance of Cyber Security Business Insurance

The truth is that no matter how prepared you think you are, every business is at risk. When it comes to a data security breach or privacy loss, it isn’t a matter of if it will happen but when it will happen.

Cyber attacks can devastate businesses in various ways, from incurring hefty out-of-pocket expenses to enormous reputation damage.

That is why Cyber Security Business Insurance is so important. It includes coverage on a range of fronts including e-Business interruption and e-Threat loss.

If you would like to take out Cyber Security Business Insurance, or to learn more about it, please visit this page. To get an insurance quote in the fastest timeframe, online applications are available.