The Australian Bureau of Statistics surveys around 7,000 businesses annually on the issue of cyber security.
The findings as of 30 June 2022 revealed the types of cyber security attacks on businesses. It highlights the impact cyber security attacks have on businesses and the actions they are taking to protect their interests. The results were as follows:
Cyber Incidents experienced by Australian Businesses as of 30 June 2022
Source: Australian Bureau of Statistics Characteristics of Australian Business Survey, 2021-2022 Financial Year.
% of Cyber Security Incidents
Impacts of Cyber Incidents on Australian Businesses
Source: Australian Bureau of Statistics Characteristics of Australian Business Survey, 2021-2022 Financial Year
Business Impact of Cyber Security Incidents
Measures that businesses put in place to prevent cyber security incidents.
Source: Australian Bureau of Statistics Characteristics of Australian Business Survey, 2021-2022 Financial Year.
| Action by Business | % of businesses |
|---|---|
| Restriction of administrative privileges to operating systems and applications | 24% |
| Use of specific tools designed for security monitoring | 15% |
| Identity and access management through the use of authentication software or hardware | 20% |
| A formal policy or policies in place to manage cyber security risks | 8% |
| Cyber Security awareness and training for staff | 13% |
| Regularly updated virus checking or protection software | 62% |
| Regular patching of operating systems, software and applications | 20% |
| Regular backup of data critical to operations | 37% |
Steps you can take to protect your business from a cyberattack.
You may have a specific cyber insurance policy. Nonetheless, it’s wise to check it still protects your business.
For example, you may have new business activities, staff or assets that increase or decrease your cyber risk. So, a regular review with your insurance adviser helps to ensure your policy provides the cover you need.
To manage the cost of your cyber policy, it’s a good idea to try and reduce the risk of a cyberattack on your business. Our article “10 ways to Help Protect Your Business Against Cybercrime” suggests 10 actions that may help. Sharing how you manage cyber risk helps us to advocate on your behalf for a better deal. Afterall, we work for you.
If you have concerns or would like to discuss your cyber cover, contact the Clear Insurance team today for advice.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
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