While it’s natural to assume large companies with large revenue streams would have the right measures in place to protect their assets, preliminary results from BDO Australia’s inaugural cyber security survey prove otherwise.
In a first for the industry, BDO has teamed up with AusCERT, the Australian cyber emergency response team to conduct an in-depth industry cyber security survey – the outcome of which will help the market understand the challenges businesses and organisations face in the online world.
Following some recent high-profile cyber-attacks, more and more companies are now being urged to be extra diligent with their cyber security and put the right measures in place to protect their intellectual property and assets.
However, what was most astounding from the recent survey results was the number of Australian businesses that aren’t protected, with nearly 85% of companies with a gross revenue greater than $1 billion fully exposed to cyber-risk.
These are worrying statistics given cyber-attacks and data breaches are a very real concern and the implications for businesses of this scale can be catastrophic. It also shows that cyber security insurance is very much still on the agenda.
The good news is, protecting your business is certainly not an unmanageable process and those businesses that are prepared are the ones that will prevail should a cyber-attack ever occur.
Preparedness comes in a range of forms, and when protecting assets, insurance is the logical fall back. While purchasing insurance could act as a security blanket for your board and executive, it’s imperative to determine to what extent cyber insurance is required for your business…Click HERE to read full article.