COVID-19 has brought us a whirlwind of emotions and numerous groundbreaking changes. While we now show an increased appreciation for our loved ones, we’ve also become particularly more vulnerable in multiple ways.
As an Insurance Broker, my concerns during these trying times (besides my family’s health and wellbeing of course) have been around the impact COVID-19 has had on my client’s lives and increased exposure to not only medical threats but also cyber-attacks.
I must admit, Mackay has been very lucky with no local contracted case to this day. However, cyber attacks don’t discriminate and Mackay is still a target.
Over the last 18 months, the most significant threat my clients have faced has been the increase in cyber attacks. The general population more often than not only associates hacking to cyber threats but in reality, cyber attacks can come in several forms and arise from:
- Human Errors
- Data breach – Business records & personal information
The demand for increased flexibility in the workplace has seen a rise in remote work and working from home options. With COVID-19, WFH has become almost a necessity for many and now it seems that remote work is an option that will stay in the long run. While remote work offers more flexibility, it greatly increases the risks of cyberattacks. With the lines blurring, the use of the same device for professional tasks and personal browsing, a weaker firewall, and a home internet network, it has become easier for anyone to fall prey to cyber-attacks.
Remote working arrangements can make it particularly tricky and costly to maintain a high level of network security. With the team scattered in different cities sometimes even countries, decision-making can often take longer. In the case of a cyberattack, taking prompt and informed decisions is crucial. Doing so while taking into account varying timezones adds another layer of stress and ambiguity.
Insurance policies are designed as a last case resort and will unlikely cover you if you’ve been negligent. It is crucial to take precautions and remain aware at all times whether you have cyber insurance or not.
Reach out to your Insurance Broker, Adviser or Insurer about getting the right coverage and definitely before paying a ransom!
For more information on Cyber Insurance, Google search ‘Steel Pacific Cyber Protection Insurance’
Steel Pacific Insurance Brokers have been operating for over 35 years with a presence in Mackay since 2003. Our focus is sourcing cost-effective insurance solutions. If you’d like to discuss your insurance needs, please contact us on 1800 961 007.
Steel Pacific Insurance Brokers
Any information contained within this article should be considered general in nature and has not taken into account your particular needs or the details of your property. You should always consult with your general insurance broker, adviser or insurer prior to commencing, renewing or making any adjustments to your insurance policy.