Presentation from Armstrong's Insurance Brokers and Eaglecrest Technologies for CPA Australia and Launceston Chamber of Commerce on how to protect your business from a cyber attack.

1. How To:
Protect Your Business
from a Cyber Attack

3. Common Types of Cybercrime
• Ransomware
• Phishing
• Business email compromise (BEC) scams

4. 1. Business-grade Antivirus
Centrally managed
Flexible licensing
Support for mobile
devices
Customisable
Lightweight
Always up-to-date

5. 2. Review Software
White-listing of
programs
Legitimate software
online
Automatically update
core software

6. 3. Restrict Access
Unique passwords /
password manager
Limiting admin access
to specific people
Password reset
protocols
Limit ability to
use USB
Multi-factor
authentication

7. 4. Staff Training
Recognising scam
emails
What to do
Understanding the
ways that viruses are
transferred
95% of cyber incidents
are caused by human
error!

8. 5. Backup
Offsite to multiple
locations
At least daily
Automated to reduce
human error
Backup as much as
possible
Test regularly!

9. 6. Cyber Insurance

10. How to mitigate your cyber
security risks through
insurance
PRESENTED BY HAYDEN ARMSTRONG EMAIL: HAYDEN@ARMSTRONGS.NET.AU
ARMSTRONG’S INSURANCE BROKERS PHONE: 0417568322
AFSL NO: 244408

11. About
Armstrong’s
Insurance
Brokers
The information contained in this presentation is general advice only. In
order to consider your individual needs a detailed needs analysis of
should be undertaken. Please consider the appropriateness of this
general advice.

12. Cyber
insurance
what is it and
do you need
it

13. The figures …
 The annual cost globally is
more than $400 billion.
 Number one economic
crime Australian companies
face.
 65% of Australian
organisations experienced
some form of cybercrime in
the past 2 years.

14. Examples of
data breaches
 Opportunistic or negligent
employees accessing
information and using it without
authority;
 A lost or stolen laptop, phone
or memory stick;
 Unsecured IT networks;
 System failures;
 Third party faults; and
 Hacking attacks.

15. Scary statistics …
© Dual Australia

16. Potential
liabilities and
risks of a
cyber breach
 Reputational risk
 Investigation by regulators (e.g. Office of
the Australian Information Commissioner
and Office of the Privacy Commissioner)
 Fines following breaches of privacy (up to
$1.8M for companies and individuals up
to $360,000)
 Misleading and deceptive conduct
 Breaches of continuous disclosure
obligations
 Breaches of fiduciary duty
 Breaches of the duty of confidence
 Breach of contract
 Breach of the duty of care (negligence)
 Infringement of intellectual property rights.

17. Traditional
insurance
policies won’t
come to the
rescue
 Commercial general liability (CGL)
policies X
 Commercial property (business
interruption) policies X
 Directors' and officers' (D&O) liability
policies X
 Errors and omissions (E&O) policies X

18. Examples

19. Do you need
cyber
insurance?
YES!
 How reliant is your business on computer
systems? What would the cost of a computer
outage be and how quickly would that cost
materialise?
 How is your data sent, stored and used? Can
the data be accessed by third parties, stolen or
lost?
 How sensitive is the data being held?
 What would the reputational cost be to your
business in the event of an information breach?

20. What does
cyber
insurance
cover?
 Personal and Corporate data theft
 Data Security
 Notification and monitoring costs
 Statutory fines and penalties
 Defence costs
 Data Investigations
 Reputational repair/PR following breach
 Media Content
 Cyber Extortion
 Loss of revenue following security failure

21. Questions?
Hayden Armstrong
Armstrong’s Insurance Brokers
hayden@armstrongs.net.au
Phone: 0417568322