09 Aug 2017
Cybercrime and ransomware on the increase

Cybercrime and ransomware on the increase

Cybercrime and ransomware attacks are on the increase and organisations need to do more to combat the threat from external and internal attackers, according to a recent global report into data breaches.

The Verizon Data Breach Investigations report found 75% of breaches were perpetrated by outsiders and 51% involved organised criminal gangs.

QBE NSW Product Lead, Financial Lines, Ben Richardson said the report shined a light on the growing threat of cybercrime and cyber espionage.

“Almost all businesses use data and interface with the internet in some way which means they’re vulnerable to cyber attack.

“This report shows cyber threats are not going away and if anything, are growing for all business owners, whether small or large."


Businesses continue to be tricked

The Verizon report found many businesses are still falling for the same tactics, including phishing.

Where phishing successfully opened the door, malware was then typically put to work to capture and export data or take control of systems, according to the report.

Ensuring effective risk mitigation techniques are absolutely key for organisations who need to be ready to tackle the evolving threat of cybercrime, Richardson says.

“It’s all in the planning, there’s no such thing as perfect security, but you need to have a plan for what you’ll do if something does happen and know how to escalate the threat appropriately. Businesses need to be able to trigger that plan as soon as possible.”

Key recommendations

Richardson recommends all organisations, including SMEs, consider protection, detection, and response measures within their business plans.

 “How can you proactively protect your business and IT systems, while ensuring you can detect and respond to threats as soon as possible?

“Ultimately, there’s no way you can eliminate cyber exposure because it’s always changing, but you can mitigate it and there’s a strong need to continue to update your mitigation efforts regularly – avoid the set and forget mindset,” he added.

The advice on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. You must decide whether or not it is appropriate, in light of your own circumstances, to act on this advice. You should ensure you obtain and consider the Policy Wording or Product Disclosure Statement and Target Market Determination for the policy before you make any decision to buy it.

Related articles

How to find the right insurance broker

07 Apr 2022

Finding the right insurance broker can not only save you time and money, but also help you cover risks you weren’t even aware of.

Read more

The La Niña effect: How to prepare for the storm

22 Oct 2021

Australians have always faced dramatic weather conditions, including La Niña and El Niño. But what does this mean for insurers and customers?

Read more

What the BOM’s summer outlook means for Australia

22 Oct 2021

What does the 2021 -2022 extreme weather season have in store for Australia, and what can we do to keep our homes and businesses safe?

Read more
Read further articles

Interested in QBE business insurance?