Lawpath Blog
How to Make Your Online Business Cybersafe

How to Make Your Online Business Cybersafe

Running a business online provides vast opportunity, but also carries risk. Find out how to make your business cybersafe here.

20th October 2020
Reading Time: 2 minutes

Many businesses have proven to be highly adaptable by moving to online models in the current pandemic. However along with this, scams and cyber attacks have become more sophisticated and more frequent. If your business has recently transitioned online or if you’ve noticed more suspicious activity online, there are things you can do to improve your business’s cybersecurity. In this article, we’ll detail the steps you can take to protect yourself and make your business cybersafe.

1. Update your systems

Systems which don’t receive regular updates are often the targets of cyber attacks. Online viruses and other forms of malware are constantly evolving, meaning that the longer it’s been since an update to your systems, the more likely they are to be vulnerable to attack. One of the most effective ways of minimising your risk of attack is to make sure your software, anti virus programs and systems in general are regularly updated.

2. Educate your staff

Make sure that your employees have all read and understood your IT policy. This policy should detail the guidelines for using computers, the internet and emails. Further, it’s a good idea to run sessions where you explain what the online risks are and how your employees can help minimise them.

3. Educate yourself

Different scams circulate at different times. Beyond common scams such as Emotet and BEC, many businesses often find themselves the targets of the same scams. Websites such as ScamWatch provide information about current scams to help keep your business cybersafe and also let you report them.

4. Enhance your security practices

There’s a lot of small things you can do to minimise the risk of your business falling victim to a scam. Some simple practices you can introduce for your employees include:

  • Using multi-factor authentication for all the different softwares and apps your business uses. This extra level of security will ensure that only employees and those with authorisation can access your business’s internal systems online.
  • Educate your employees on how they spot suspicious emails. Make sure that they understand not to click on any links or open any attachments from unknown senders.
  • Ensure at least two people from your business approve and confirm any third party payments

5. Get insurance

Keeping your business protected against cyber threats should also extend to your business insurance policy. Adding Cyber Liability insurance* can help protect you from claims and support your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim can also be covered.

Cyber Liability cover can assist you with scenarios such as the inadvertent loss or release of customer personal information, cyber–crime, cyber extortion/ransomware and business interruption due to a cyber event.

You can compare prices on Cyber Liability cover and get insured in minutes through our partners at BizCover.

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained in this article is general only and should not be relied upon as advice.

Finally

Similar to a fire or theft, an online breach or scam can cause serious damage to your business. One way you can protect your business is by getting cyber insurance. Cyber insurance will help your business maintain its profitability and will cover any legal claims that arise from a cyber crime. After all, keeping your business cybersafe also serves to protect your business on a much broader scale.

Don’t know where to start?
Contact a Lawpath consultant on 1800 529 728 to learn more about customising legal documents and obtaining a fixed-fee quote from Australia’s largest legal marketplace.

Author
Jackie Olling

Jackie is the Content Manager at Lawpath and manages the content team. She has a Law/Arts (Politics) degree from Macquarie University and is a solicitor in NSW. She's interested in how technology can help shape the future legal landscape.