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Financial Foreplay Podcast
Financial Foreplay Podcast
How Vulnerable are You to A Cyber Attack & Financial Ruin?
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Cyber security poses a very real and significant threat to both individuals and businesses yet very few are actually prepared for the gravity of this threat. Today’s episode is an expose of the scary facts that most victims wish they had known and appreciated before their worst nightmare came to fruition. I want to start by first painting a clear picture of what you are facing and then introduce our guest expert today who is going to tell you what exactly what you need to know and do to protect yourself.

The magnitude of the problem:

  • There is a cyber attack every 39 seconds – affects about 1 in 3 of us every year
  • Total cost for cybercrime is about $6 trillion globally
    • about $29 billion per year in Australia (1.9% of gross domestic product (GDP))
  • 43% of cyber attacks target small business
    • 64% of companies have faced web-based attacks, phishing, &/or social engineering attacks
    • The global average cost of a data breach is $3.9 million across SMBs
      • For most businesses this is crippling– not only monetarily but in reputation
    • 54% of businesses say they have experienced one or more attacks in the last 12 months
      • Yet 77% do not have a Cyber Security Incident Response plan
      • 19% of small businesses invested $0 into cyber security in the last year, and less than 40% had spent between $1-$999.
      • Most companies take nearly 6 months to detect a data breach (even the big ones)
    • Since COVID-19, the FBI reported a 300% increase in reported cybercrimes – hackers are taking advantage of more people working from home
      • 95% of cybersecurity breaches are due to human error – hackers will infiltrate your company through your weakest link

Bio:

Susie Jones is as an experienced cybersecurity, risk, insurance and innovation leader. She has has delivered commercial outcomes as a cybersecurity business services manager, corporate insurance broker, risk manager, innovator, and now a startup CEO.

She is on a mission to reduce the number of small businesses who fall victim to cyber attacks each year, and is passionate about finding a way to help business leaders take back control of their risks and avoid a cyber disaster.

Financial Foreplay® Highlights:

  1. Small businesses are easy targets – they are often also an easy way into larger corporates (i.e. supplier logins etc.)
  2. Cyber crime is bigger and more costly than drug trafficking globally
  3. Costs of cyber crime include:
    • What is needed to fix the problem and restore access
    • Lost sales during the time the resources are unavailable
    • Experts required to fix or consult (including lawyers, PR etc.)
    • Lost opportunity cost
  4. The average downtime is 23 days!
  5. Key elements of a good security plan:
    • Understanding which technology your company relies upon
    • Specific step you can take to improve security
    • Identify the ways you might detect a breach
    • Ways you will respond if one happens
    • Detailed assessment of the liabilities you might be on the hook for
    • Placing appropriate insurance in place to cover the costs of a breach and recovery

Get in touch:

Linkedin – Susie Jones | LinkedIn

Email – hello@cynch.com.au

Research links:

https://www.cybintsolutions.com/cyber-security-facts-stats/

https://www.homeaffairs.gov.au/about-us/our-portfolios/cyber-security/strategy

https://cynch.com.au/small-business-cyber-fitness-2021

www.afr.com/companies/financial-services/hacked-sydney-hedge-fund-part-of-170m-cyber-crime-spree-20201123-p56h24

https://www.oaic.gov.au/privacy/notifiable-data-breaches/notifiable-data-breaches-statistics/notifiable-data-breaches-report-july-december-2020/

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2020-releases/20-191mr-asic-commences-proceedings-against-ri-advice-group-pty-ltd-for-alleged-failure-to-have-adequate-cyber-security-systems/