There has never been a time when companies and organisations have been more at risk of having their data made public or stolen, be it through a deliberate cyber attack from an external or internal party, or as a result of system or human error.

Global Insurer Chubb in partnership with YouGov conducted a survey of 400 Australian SME’s to gauge their attitude towards Cyber Risks.

The results were startling to say the least.

Key findings of the survey:-

  • 60% of SMEs have experienced a cyber incident in the past 12 months.
  • SMEs seem confident in managing a cyber incident, 87% believe they can overcome a cyber incident and 56% believe that they can contain an incident within 12 hours, but responses seem to contradict that belief;
  • 30% do not know which data files are affected after a breach
  • 45% are not confident that their employees who have access to sensitive data are fully aware of their data privacy responsibilities.
  • Worryingly, 28% of SMEs took no action following a cyber incident
  • The top three cyber incidents caused by internal factors were data loss or business interruption from system malfunction, technical fault and human error.

Contact Bayinsure for a full copy of the Chubb report and to discuss Cyber Risk insurance solutions for your business.

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