Cyber Risk Protection for Commercial Entities – Written by Bryce Wilson, Aon New Zealand
With recent data breaches hitting the headlines in Asia and New Zealand, loss of personal and corporate data has far-reaching ramifications that could potentially change the way your business is carried out. Most high-profile stories in the media today address the type of data loss that impacts people on a personal level; credit card numbers, medical records, birth dates, ID/passport numbers and other private personal information. We should also be mindful of the impact from the loss of corporate data and information such as intellectual property and proprietary information, which in the hands of a competitor or even an extortionist can severely disadvantage business.
With the above in mind, insurers offer tailored Cyber Liability products to help pass the Risk Exposure to “Insurance policy” based minimisation / Mitigation strategies. If you would like further information on Cyber Insurance please contact us for Bryce Wilson’s email address.
The Crypto Locker
While we are talking about “data loss ” and “cyber insurance”, we had a client recently that was hit with the Crypto Locker Virus. Their laptop became infected and it encrypted the network drives on their server (which meant they had no access to the data on their server). Fortunately for this client they had all the right processes in place. They had an image based backup and we had them up and running in a few hours and most importantly we recovered the data on their server to a half hour before the virus hit, which mitigated major data loss. What did come to light was that they did not have their laptop backed up and we could not recover this. It is really important to remind all staff to store all important documents on the Server, or other areas (like a cloud service) that is backed up. It is also important to note that this client had a good firewall and good antivirus software, but all antivirus software is reactive.. They cannot block a virus until they know about it. There are always risks in IT but if you ensure that you put the right processes in place then you can make sure that the risk is at an acceptable level to you and your business.
Report on value of internet in NZ Business just released on the 31st of March this year, this is well worth a read. http://www.innovationpartnership.co.nz/wp-content/uploads/2014/03/Sapere-Google-INZ-The-value-of-internet-services-to-New-Zealand-Businesses_-_Report-31-March-2014.pdf.
It has some really good insights into technology use on businesses in New Zealand, two of these are:
- Using the internet effectively could be worth $34 Billion to the New Zealand economy
- Businesses that make effective use of the internet could increase productivity by 6%
Another good thing is a site call the Digital Journey www.digitaljourney.co.nz it has a great tool for doing a digital assessment on your business. Well worth a look.