The growing threat of cybercrime
Cyber related criminal activity is unfortunately becoming much more prevalent in society as we progress further into the technological realm and the AI world.
Experienced Cyber Risk Adviser at Adroit Insurance & Risk, Anthony Di Fiore (AR No: 1302262), knows too well the impact that a cyber incident can have on a business.
Being a part of the insurance industry for over 25 years, Anthony understands the devastating impact cyber criminals can have and is dedicated to reducing the exposures and providing advice accordingly.
Luckily, insurance is there to provide protection and he has witnessed first-hand how policies have responded to limit the damage.
Anthony provides an example below of how a pub can be impacted by a cyber-attack:
“A pub specialising in catering for the hospitality and dining needs of the local community was recently involved in a cyber-related incident.
Administrative staff first noticed issues with their computers’ performance and speed.
These were largely ignored at first, attributing them to the often-lethargic peak hour internet.
When the problem persisted, the pub notified its third-party IT provider asking them to investigate.
The IT provider identified a virus within the computer system and consequently removed it from the network.
Unfortunately, by this time, the virus had spread into the pub’s front of house point of sale (POS) server and was now impacting the tills.
Soon enough, the POS server was ceasing to operate entirely, taking all the tills offline. We can only imagine the impact this was having on the staff and customers.
Unfortunately, implementing a fix was outside the capabilities of the pub’s IT provider and the expertise of a POS specialist were required to return operations to normal.
This cyber incident came at an unprecedented cost with the entire event totalling almost $37,000.
The cost comprised of labour costs, hardware costs and the restoration of software and data.
Of this amount, almost $32,000 was covered under the pub’s cyber insurance policy, a saviour for the Business owner. “
Please reach out to our Gippsland branch at gippsland@adroit.com.au or on 03 5174 5750 to discuss your venue’s insurance needs or risk strategies.
The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.