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The cost of a cyber security breach for a small business is increasing. In the 2021‒2022 financial year the average cost per cyber crime reported to the Australian Cyber Security Centre (ACSC) rose to over $39,000 for small businesses. For medium sized businesses the estimate was more than double: $88,000 — and that's without factoring in downtime, reputational damage, data loss and the need to redo work.
Without substantial budgets to improve cyber security tech, what can small to medium sized businesses do to improve cyber security?
To help small to medium sized businesses defend themselves against common cyber threats the ACSC provides essential and practical information in the Small Business Security Guide1. This includes 15 simple and inexpensive measures businesses can adopt right now to improve their cyber safety and security.
Be aware that most business liability policies exclude cover for cyber liability. That's another reason why you should consider a separate cyber insurance policy that covers your risk exposures and includes costs such as business interruption, legal expenses and data recovery.
In addition to cyber insurance protection and advice Gallagher offers expertise, advice and resources for building business resilience to withstand cyber security incidents.
1Small Business Cyber Security Guide, ASCS, 16 Jun 2023
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