Launch of first small-business cyber safety certification welcomed

Inside Small Business

2nd Nov 2022

The launch of Australia’s first cyber safety workplace certification for the small-business sector has been welcomed by various parties, including online business insurance service provider for SMEs, BizCover.

An initiative of the Council of Small Business Organisations Australia (COSBOA), with backing from the Commonwealth Bank of Australia and Telstra, the Cyber Wardens pilot program aims to help upskill small-business owners and their staff with the tools and knowledge to reduce their risk of falling victim to cybercrime.

Jane Mason, Head of Product, Channels & Risk at BizCover, stated that the first cyber safety workplace certification for the small-business sector will be welcomed by Australian small-business owners as an additional strategy for reducing the risks to their business.

“In small business the more knowledge, education, and information small-business owners and their staff have about cyber safety, the more vigilant they can be,” Mason said. “Just as business insurance such as Cyber Liability Insurance can be an effective way to reduce the cyber risks to your small business, so, too, can a greater knowledge and awareness of the warning signs of malicious cyber threats to your small business.”

BizCover reported in its 2022 Small Business Bravery Report that nearly a third of Australian small-business owners rank cybercrime, data breaches, and fraud as the most concerning risk, particularly after the disruption caused by the Covid-19 pandemic forced many small businesses to shift to digital. However, only a modest seven per cent of small-business owners hold Cyber Liability Insurance, which would have helped in their coverage for expenses and restoration costs relating to instances of:

• Cyber extortion.
• Data breaches including theft or loss of client information.
• Network security breaches.
• Business interruption costs.
• Forensic investigation into the cause or scope of a breach.
• Data recovery costs.
• Crisis management costs.
• Loss and legal costs, including fines and penalties resulting from a third-party claim.

“Recent events in Australia have served as a reminder that any business can be targeted by cybercriminals,” Mason said. “Cyber Liability Insurance can be a great way to help protect small business owners from claims and supports a small-business owner’s profitability in the event of a cyber breach or attack.”

The story was originally published on Inside Small Business.