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ASIC Urges Stronger Cybersecurity Measures for Australian Businesses

ASIC Urges Stronger Cybersecurity Measures for Australian Businesses

In its latest media release on November 13, 2023, ASIC is urging businesses to enhance their cybersecurity practices. The call follows ASIC’s comprehensive report, highlighting significant gaps in the cyber capabilities of businesses across Australia.

According to insights from ASIC’s voluntary cyber pulse survey, many businesses are reacting rather than proactively managing cybersecurity risks. ASIC Chair Joe Longo emphasised the need for all businesses to prioritise cybersecurity and resilience.

Key Findings Summary

  • Survey participants who do not manage third-party or supply chain risk. 44% 44%
  • Survey participants who have limited or no capability to protect confidential information adequately. 58% 58%
  • Survey participants who do not have a cyber incident response plan. 33% 33%
  • Survey participants who have not adopted a cyber security standard. 20% 20%
  • Survey participants who do not patch applications. 41% 41%
  • Survey participants who have no or limited capability in using multifactor authentication 33% 33%
  • Survey participants who do not have backups in place 30% 30%

The report revealed a concerning statistic: 44% of surveyed businesses are not adequately managing third-party or supply chain risks, potentially providing easy access for threat actors to exploit organisations’ systems and networks.

While larger businesses demonstrated mature cyber capabilities, smaller entities faced challenges in areas such as third-party risk management, data security, consequence management, and adherence to industry standards, mainly due to limited resources.

Longo stressed the importance of moving beyond security measures to focus on building resilience. He highlighted the need for regular testing of incident response plans and continuous reassessment of cybersecurity risks.

Longo concluded, “An effective cybersecurity strategy, coupled with a robust governance and risk framework, should enable businesses to identify, manage, and mitigate cyber risks within the risk tolerance levels set by leadership and boards.”

A positive note emerged from the survey, with 95% of participants opting to receive individual reports, showcasing a commitment to improving cyber resilience by benchmarking against peers.

National Cyber Security Coordinator, Air Marshal Darren Goldie AM CSC, welcomed the report’s results and acknowledged ASIC’s efforts in pinpointing key gaps in corporate Australia’s cyber resilience. He highlighted the importance of cybersecurity for individuals and businesses of all sizes, emphasising the support available through the National Office of Cyber Security, which collaborates closely with industry to promote awareness, best practices, and decision-making support in response to cyber incidents. Air Marshal Goldie also highlighted the upcoming 2023-2030 Australian Cyber Security Strategy as a crucial initiative to fortify the nation’s cyber defences and enhance resilience.

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Key Technologies and the Upcoming Telco Embargo: Your Guide to a Smooth Transition

Key Technologies and the Upcoming Telco Embargo: Your Guide to a Smooth Transition

As the year draws to a close and the holiday season approaches, it’s essential to keep in mind the Telco Embargo that’s on the horizon. We want to ensure your business sails smoothly through this period, and while we’re always here for you, it’s crucial to understand that only urgent matters will be prioritised during this time. So, let’s shed some light on what you need to know to make the most of this festive season!

What Does the Embargo Mean for Your Business?

The Telco Embargo, an annual occurrence, is a special time of year when major Telcos, including the likes of Telstra, pause setting up new phone lines and broadband connections. This year, the embargo period runs from December 22, 2023, to January 8, 2024. During this time, telecommunications carriers won’t be performing network reconfigurations, relocations, or any hardware or software upgrades on their networks. If you’re planning an office relocation and need to set up internet and phone systems, this information is especially vital for you.

How to Ensure a Smooth Transition and Avoid Interruptions?

For those of you gearing up for an office move, planning is key. Make sure you connect any new phone lines and set up networks before the December deadline. It’s wise to get in touch with us at Key Technologies as early as possible to ensure a hassle-free process. Be sure to check out our helpful articles on managing phone lines and internet services during your move as well. Keep in mind that due to the high volume of orders, reaching out to us early is of utmost importance.

What About Support Services?

Rest assured, our support and maintenance services will continue to operate as usual during the embargo period. However, we want to be upfront about the potential for delays. Given that there will be fewer administrative and technical staff available, especially on Christmas, Boxing Day, and New Year’s Day, service delays may be expected. Your patience and understanding during this time are greatly appreciated.

How Will Key Technologies Be There for You?

At Key Technologies, we understand the significance of the Telco Embargo, and we’re committed to being your reliable partner. While we will be operating with minimal staff numbers during this period, we will have technicians on call for any urgent assistance you may need. Anything not deemed urgent will be deferred until January 10, 2024, so it’s in your best interest to reach out to us early to stay ahead of the curve.

In the spirit of the holiday season, Key Technologies is here to ensure that your business continues to thrive, even during the Telco Embargo. We wish you a cheerful and stress-free transition into the new year, and we look forward to serving you with a smile. If you have any questions or need assistance, don’t hesitate to contact us. Happy holidays, and here’s to a fantastic year ahead! πŸŽ‰πŸ“žπŸŒ

Call us on 1300 755 615
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Cybersecurity Awareness Quiz

Cybersecurity Awareness Quiz

Welcome to the Cybersecurity Awareness Quiz ! In today's digital age, staying safe online is more important than ever. This quiz will test your knowledge about essential cybersecurity practices and help you understand the importance of safeguarding your personal and business data. Are you ready to check your cybersecurity smarts and learn how to protect yourself and your small business? Let's get started!

What is phishing?

Which of the following is a strong password?

What does "SSL" stand for in the context of web security?

True or False: Public Wi-Fi networks are always safe for online banking and business transactions.

What is the first line of defence against cyber threats for your business?

What's the primary purpose of two-factor authentication (2FA)?

Which of the following is NOT a common type of malware?

What should you do if an employee leaves your company?

What's the best practice for securely disposing of old hard drives and electronic devices?

True or False: Regularly updating software and applications is important for cybersecurity.

Well done! You've taken a step towards enhancing your online safety. Remember that cybersecurity is an ongoing effort. Stay informed about the latest threats and best practices to protect yourself and your small business. Regularly update your knowledge and security measures to stay ahead of cyber threats.

If you found areas where you could improve your cybersecurity knowledge during this quiz, don't worry. It's never too late to start implementing better security habits. Keep learning and stay vigilant to maintain a strong defense against potential cyber threats.

For a convenient way to stay updated on valuable cybersecurity articles and technology news, consider subscribing to KeyTech's monthly newsletter. It's a great resource to keep you informed about the latest developments in the world of cybersecurity and technology. Share this quiz with your colleagues and friends to raise awareness about the importance of cybersecurity in the digital world. Together, we can create a safer online environment for everyone.

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Discover the Exciting New Features of iOS 17: Your iPhone Just Got Even Better!

Discover the Exciting New Features of iOS 17: Your iPhone Just Got Even Better!

Are you eager to experience the latest iPhone features without shelling out a fortune for the brand-new iPhone 15?

Look no further than the iOS 17 update, which brings a slew of exciting enhancements to your iPhone, transforming your everyday tasks into extraordinary experiences. From personalised contact cards to enhanced security features, iOS 17 is set to revolutionise the way you use your iPhone. And if you wish to order the new iPhone 15, contact us today to place your order. As a Telstra partner and your technology partner, we’re here to help you make the most of these incredible features. Read on to discover ten new features that make iOS 17 a game-changer.

1. Contact Cards:

Say goodbye to boring caller IDs! iOS 17 introduces Contact Cards, allowing you to create personalised, full-screen digital business cards. Choose your photo, customise fonts, and add color effects to make your calls unique. You can even use Apple’s “Cartoon You” Memojis for a fun touch.

2. Redesigned Call Screen:

The call screen gets a fresh new look with iOS 17, making it easier to manage in-call options. Mute and speakerphone buttons now reside at the bottom of the screen, thanks to the visually impressive Contact Cards.

3. Check-In with iMessage:

Keep your loved ones safe with the new Check-In feature in iMessage. Share your whereabouts or estimated travel time with a friend or family member, and iOS will automatically check in on you if something seems amiss.

4. Standby Mode:

Your iPhone on charge is no longer a paperweight! In landscape mode, while using a MagSafe charger, it transforms into a versatile bedside clock radio, displaying images, calendars, and notifications. A great addition to your bedroom, kitchen, or workspace.

iMessage Check In

5. NameDrop:

Sharing contact details just got easier and less awkward. With NameDrop, you can tap your iPhone to someone else’s (both running iOS 17) to exchange contact information quickly and efficiently.

6. Enhanced AirDrop:

Sharing files and photos is now smoother than ever. Simply tap your iPhone with another device to transfer files seamlessly, and iOS 17 even continues the transfer when you walk away from each other.

iMessage Check In

7. AutoCorrect Improvements:

Bid farewell to frustrating autocorrect mishaps. iOS 17 brings smarter autocorrect, easier corrections, and predictive typing for a faster, more accurate typing experience.

8. SharePlay:

Passengers in a car can now control music without disconnecting the driver’s phone from CarPlay. SharePlay ensures everyone enjoys their preferred tunes safely.

9. Assistive Access:

iOS 17 introduces Assistive Access, making iPhones more user-friendly for individuals with cognitive disabilities. Large icons for essential apps, like Phone and Camera, simplify navigation, bringing FaceTime with loved ones closer to reality.

10. Personal Voice:

For those with speech disabilities, Personal Voice allows you to create a custom voice, enabling you to communicate through calls and conversations.

How to Get iOS 17:

If you have a compatible iPhone model, update to iOS 17 by going to Settings, then General, and selecting Software Update. The rollout is happening now, so check your iPhone for the latest update. iOS 17 is compatible with these devices.
iPhone 15 iPhone 15 Plus iPhone 15 Pro iPhone 15 Pro Max iPhone 14 iPhone 14 Plus iPhone 14 Pro iPhone 14 Pro Max iPhone 13 iPhone 13 mini iPhone 13 Pro iPhone 13 Pro Max iPhone 12 iPhone 12 mini iPhone 12 Pro iPhone 12 Pro Max iPhone 11 iPhone 11 Pro iPhone 11 Pro Max iPhone XS iPhone XS Max iPhone XR iPhone SE (2nd generation or later)

iOS 17 is set to transform your iPhone experience with a plethora of exciting features, and you don’t need to upgrade your device to enjoy them. As a Telstra partner, we’re here to help you make the most of these innovations. Stay connected, express yourself uniquely, and enjoy an enhanced iPhone experience like never before. Reach out to us, and let’s make your iPhone even more extraordinary!

The new iphone15 series - iPhone 15 Pro Max, iPhone 15 Pro and iPhone 15

iPhone Preorder

KeyTech are a Telstra partner! Save time and effort by placing your order with us.

Ransomware and Cyber Insurance: To Pay or Not to Pay

Ransomware and Cyber Insurance: To Pay or Not to Pay

In the fast-paced world of small business, where every decision can impact your bottom line, the rise of ransomware attacks has brought forth a challenging dilemma: To pay or not to pay? 

Ransomware, a malicious software that locks up your critical data until a ransom is paid, presents both ethical and financial quandaries for business owners. In this article, we’ll delve into this complex issue, discuss the pros and cons of paying ransoms, and shed light on how cyber insurance plays a pivotal role in these difficult decisions.


Understanding Ransomware Attacks

Before we delve into the tough decisions surrounding ransomware, it’s essential to understand what these attacks entail. Ransomware is malicious software that encrypts a victim’s data, rendering it inaccessible. Cybercriminals then demand a ransom, typically in cryptocurrency, in exchange for the decryption key. The victim faces a critical choice: pay the ransom and hope for the data’s safe return, or refuse to pay and attempt data recovery through other means.


The Ethical Dilemma: Paying Ransoms

Pros of Paying Ransoms

Data Recovery Assurance

Paying the ransom may result in a faster and more reliable data recovery process. Cybercriminals often provide decryption keys upon payment.

Minimal Disruption

Paying the ransom can shorten the downtime and minimise operational disruptions, allowing the business to resume normal activities sooner.

Cons of Paying Ransoms

No Guarantee

There’s no guarantee that cybercriminals will provide a working decryption key or honour their end of the bargain.

Funding Criminal Activity

Paying ransoms directly funds cybercriminal organisations, encouraging further attacks.

Legal and Ethical Concerns

Paying ransoms may violate laws and ethical standards in some jurisdictions, leading to legal consequences.


The Financial Dilemma: Impact on Your Bottom Line

Pros of Paying Ransoms

Cost Control

Paying the ransom may seem financially viable compared to the potential losses from prolonged downtime or data loss.

Minimal Recovery Costs

The costs associated with negotiating with cybercriminals might be lower than the expenses of data recovery and system restoration.

Cons of Paying Ransoms

Uncertain Costs

The actual cost of paying the ransom can vary, and there may be additional hidden costs associated with dealing with cyber criminals.

Insurance Impact

Paying ransoms without proper consultation with your cyber insurance provider could result in claim denial or increased premiums.


The Role of Cyber Insurance

Cyber insurance plays a critical role in this dilemma. Here’s how:

Financial Protection

Cyber insurance can cover the costs of ransom payments, helping ease the financial burden in the event of an attack.

Risk Assessment

Insurers often assess your cybersecurity measures as part of the policy process. A strong cybersecurity posture may lead to better coverage terms.

Expert Guidance

Cyber insurance providers often have experts who can guide you through the decision-making process when faced with a ransomware attack.


The Way Forward for Small Business Owners

The decision of whether to pay a ransom is highly complex and should not be taken lightly. Here are some steps to consider:

  • Preventive Measures: Invest in robust cybersecurity measures to reduce the risk of ransomware attacks, including employee training, regular software updates, and network security.
  • Cyber Insurance: Consider cyber insurance as a safety net. Review your policy carefully to understand what it covers in case of a ransomware attack.
  • Legal Consultation: If faced with a ransomware attack, consult legal experts to understand the legal implications of paying a ransom.
  • Ethical Considerations: Weigh the ethical aspects of paying ransoms and consider the potential consequences for your business’s reputation.
  • Incident Response Plan: Develop a detailed incident response plan to handle ransomware attacks effectively, including communication with stakeholders.

In the world of small business, where every resource counts, the decision of whether to pay a ransom demands careful consideration. Balancing financial pressures, legal obligations, and ethical principles is no small feat. Cyber insurance can be a valuable ally in this struggle, offering financial support and expert guidance.

Ultimately, the best defence against ransomware is a proactive one. By investing in cybersecurity measures and having a well-thought-out response plan, you can reduce the likelihood of facing this daunting dilemma. Remember, when it comes to ransomware, prevention is often the most cost-effective solution.

Don’t leave your business vulnerable to cyber threats. Contact KeyTech today to schedule a cybersecurity audit and strengthen your digital defences.

Cybersecurity Insurance for Small Business Owners: Protecting your Digital Fortress

Cybersecurity Insurance for Small Business Owners: Protecting your Digital Fortress

We are living in a world where technology is driving businesses of all sizes and cybersecurity has become a top priority. Small business owners are no exception to the threats of cyberattacks and data breaches. The stakes are high, and the consequences can be devastating. Fortunately, there’s a powerful ally in the fight against cyber threats: cybersecurity insurance. In this comprehensive guide, we’ll explore what cybersecurity insurance is, why it’s important, what it covers, and how to choose the right policy for your small business.

Cyber Security Incidents on the Rise

The Australian Cyber Security Centre (ACSC) saw an increase in financial loss due to Business Email Compromise (BEC). There was also an increase in ransomware attacks which released the personal data of hundreds of thousands of Australians. A full report can be found on the Cyber.gov.au website.

Source of Data Breaches chart

%

Vulnerabilities

A 25% increase in the number of publicly reported software vulnerabilities (Common Vulnerabilities and Exposures – CVEs) worldwide.

Of the 497 notifications received between July and December 2022, 45% of the data breaches were cyber security incidents. View the breakdown of the incidents below:

Chart showing statistics of data Breaches certain cyber incidents.

%

Increase

Financial loss seen a 14% increase

  • Small businesses >$39,000
  • Medium businesses >$88,000,
  • Large businesses >$62,000.

%

Top Cybercrimes

Fraud, online shopping and online banking were the top reported cybercrime types, accounting for 54 per cent of all reports.

What Is Cyber Insurance?

Cybersecurity insurance, often referred to as cyber insurance, is a financial product designed to help businesses mitigate the risks associated with cybercrimes such as cyberattacks and data breaches. These policies are tailored to protect organisations from the financial fallout of internet-based threats that affect IT infrastructure, information governance, and information policyβ€”areas typically not covered by traditional commercial liability policies.

Think of cyber insurance as you would insurance against physical risks like fires or natural disasters. It steps in to cover the losses a business may suffer when faced with a cyberattack.

Why Is Cyber Insurance Important for Small Businesses?

The importance of cyber insurance cannot be overstated, especially for small businesses. Here’s why it’s crucial:

  1. Rising Cyber Threats: As the frequency and sophistication of cyberattacks continue to grow, businesses, regardless of their size, are at risk. Small businesses are often seen as low-hanging fruit by cybercriminals.
  1. Protecting Finances: The financial impact of a cyberattack can be crippling. From loss of revenue to legal expenses and customer refunds, the costs can quickly spiral out of control. Cyber insurance steps in to provide financial support during these crises.
  1. Reputation Management: A data breach can tarnish a business’s reputation. Cyber insurance helps cover the cost of managing and mitigating the reputational damage that can occur after a breach.
  1. Legal Liability: Businesses may be legally liable for the loss or theft of customer data. Cyber insurance can help cover legal fees and settlements in such cases.

To illustrate the importance of cyber insurance, consider the 2011 breach of Sony’s PlayStation Network. Sony incurred costs exceeding $171 million due to the attack, costs that could have been covered by a cyber insurance policy.

What Risks Does Cyber Insurance Cover?

Cyber insurance covers a wide range of risks, including but not limited to:
  • Customer Notifications: The cost of notifying customers of a data breach, especially if personally identifiable information (PII) is involved.
  • Data Breaches: Incidents where personal information is stolen or accessed without authorisation.
  • Data Recovery: Costs associated with recovering compromised data.
  • Ransom Demands: Payments to hackers in ransomware attacks.
  • System Damage Repair: Expenses for repairing damaged computer systems.
  • Attack Remediation: Legal fees and hiring of experts to remediate cyberattacks.
  • Liability for Business Partners: Coverage for losses incurred by business partners with access to your data.

Cyber Risks Excluded from Coverage

While cyber insurance provides crucial protection, it typically excludes certain risks, including:
  • Poor Security Practices: Breaches resulting from inadequate security measures within your organisation.
  • Prior Breaches: Incidents occurring before obtaining a policy.
  • Human Error: Cyberattacks caused by employee mistakes.
  • Insider Attacks: Loss or theft of data due to employees intentionally causing incidents.
  • Preexisting Vulnerabilities: Breaches stemming from known vulnerabilities not addressed.
  • Technology Improvements: Costs related to enhancing technology systems.

Cyber Insurance vs. Cyber Defence

It’s essential to understand that cyber insurance is not a substitute for robust cyber defence measures. While all businesses should consider cyber insurance, it should complement, not replace, strong cybersecurity practices. Insurers often assess an organisation’s cybersecurity posture when issuing a policy, and a solid security strategy can lead to better coverage and lower premiums.

Choosing the Right Cyber Insurance Policy

Selecting the appropriate cyber insurance policy requires careful consideration. Pricing depends on factors like your revenue and industry, and insurers may conduct security audits or require specific documentation to determine coverage and premiums. Here are some considerations:
  • Policy Details: Review policy details to ensure they align with your business needs and provide protection against known and emerging cyber threats.
  • First-Party vs. Third-Party Coverage: Determine which type of coverage suits your business’s needs.
  • Industry Expertise: Seek insurers with experience in your industry.
  • Risk Assessment: Work with insurers who can accurately assess your risk level.
  • Coverage Limits: Choose coverage limits that align with your potential exposure.
  • Premium Costs: Understand the cost implications of different coverage options.

Who Needs Cybersecurity Insurance?

Cybersecurity insurance is essential for various businesses, especially those that:

  • Store sensitive data online or on computers.
  • Have large customer bases.
  • Generate substantial revenue or possess valuable digital assets.

If you’re unsure whether your business needs cyber insurance, consult a business insurance agent to assess your risk level and explore potential premiums.

What Does Cybersecurity Insurance Exclude?

Cyber insurance typically excludes:

  • Property Damage: Damage to physical assets caused by a cyber incident.
  • Intellectual Property Loss: Loss of intellectual property and associated income.
  • Crimes and Self-Inflicted Incidents: Coverage for businesses charged with cyber-related crimes.
  • Preventive Measures: Costs for proactive cybersecurity measures.

How to Get Cybersecurity Insurance

You can purchase cybersecurity insurance from various business insurance providers. Some offer it as an add-on to business owner’s policies, while others provide standalone coverage. To determine the cost of coverage for your business, gather multiple insurance quotes and consult with a business insurance agent for guidance.

Determining Your Coverage Needs

While small businesses often carry around $1 million in cybersecurity coverage, your coverage needs may vary. Consult with an insurance agent to assess your specific risks and determine the appropriate coverage level. While premiums can be significant, they are a wise investment compared to the potential costs of recovering from a cyber incident.

Cyber insurance is a vital tool in safeguarding your small business against the ever-evolving landscape of cyber threats. It complements your cybersecurity efforts and provides financial support when you need it most. To ensure your business’s resilience in the digital age, consider cyber insurance as a crucial part of your risk management strategy.

It’s worth noting that insurance companies often require some preventative controls to be in place to qualify for coverage. This is where KeyTech can make a significant difference. Our experts can assess your current cybersecurity posture, identify vulnerabilities, and implement the necessary preventive measures to bolster your defences. Whether it’s firewall configurations, employee training, or network monitoring, KeyTech has the expertise to fortify your digital fortress.

If you’re unsure about your business’s cybersecurity readiness, consider scheduling an IT audit with KeyTech. Our assessment will check the security of your systems, pinpoint potential weaknesses, and provide tailored recommendations to enhance your protection. In the world of cybersecurity, being proactive is the key to staying ahead of threats, and KeyTech is here to help you navigate the digital landscape safely and securely.

Book an IT Audit

Let's explore your business' security requirements together. Complete the form below to arrange your complimentary consultation and receive a quotation for our premium business data security & productivity solutions. With us on board, you can rest assured that your business is in good hands.

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