Businesses urged to guard against cyber crime

The threats facing Australian businesses have evolved over time, but perhaps one of the most prominent at the moment is the cyber attack.

Figures from the Australian Institute of Criminology (AIC) suggest as many as 14 per cent of businesses were attacked in 2006-07. Since then, the techniques used have become increasingly sophisticated, indicating that cyber crime could be even more common.

Although companies can take out business insurance to help them get back onto their feet after a breach, it's still preferable to put preventative measures in place. NAB's Head of Security, Nicholas Scott, has offered a number of practical steps to help companies do just that - and some of them are simpler than most people think.

The first action should be to secure all business systems. This means putting anti-virus software on all company devices alongside a firewall and anti-spyware. However, once this is in place it needs to be kept updated in order to ensure it remains functional.

Password protection may seem like a relatively straightforward strategy, but as Mr Scott points out, it's an area that is often overlooked in the business environment. Using a combination of letters, numbers and symbols is preferable, as is using a different password for each account.

It is also a good idea to remind employees to change their passwords on a regular basis to reduce the chances of a data breach.

Off-site data storage is a preferable option. The AIC notes that many crime and security risks are inherent in the cloud, but there have still been relatively few data breaches reported in this area.

For all-round reassurance for your company, whether it's on or offline, make sure you take out a comprehensive business insurance policy. Choosing a reputable provider is one way of achieving peace of mind in the event your operations are disrupted.