IBM reported, ‘The average cost of a data breach in Australia is AU$4.03 million.’ However, the impact of a breach is not just financial; it also significantly affects your business’s reputation. Even some of the world’s largest and technologically sophisticated companies and governments have suffered attacks, such as eBay, Facebook, LinkedIn, and Yahoo. In September 2023 alone, there were 3.8 billion breached records, with the UK Electoral Commission accounting for 40 million breached records.
It’s fair to say that it’s not a matter of if, but a matter of when your business will be affected by a cyber-attack. You may already be potentially affected, but you just don’t know it. As cybercriminals become more sophisticated, companies are finding it increasingly difficult to manage this potential risk, not only to their systems but also to their businesses.
Our Business Leaders ‘Cyber Security Self-Assessment Checklist’ will help you ask the right questions and understand your business’s cyber landscape and potential vulnerabilities. Then allowing you, as the Business Leader, to ask if your Cyber Risk insurance covers all exposures to your business.
Reach out if you want greater confidence that you have protected your business and the ongoing livelihood of both yourself and your employees. After all, no one has $4 million to spare for a cyber breach!
*Source : IBM Cost of a Data Breach Report, 2023
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4Sight Risk Partners helps secure benefits for businesses from risk management. Drawing on 75 years of global expertise in risk and insurance, we help businesses tackle uncertainties and seize opportunities with more confidence. We protect our clients, providing them with a strategic advantage from their qualified risk profiles and quantified risk appetite.
Review our ‘IQ-ARTA’ Business Risk Framework and stay informed on news and legislative changes that could affect your business with our ‘Looking Forward’ quarterly update.
We welcome your call to discuss your unique business needs.
Gareth Jones
Managing Director
4Sight Risk Partners
0499 988 980
+61 499 988 980 if calling outside of Australia
Adviser Representative No: 1251287
For more information please visit: 4sightrisk.com.au
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