In fact, many people don't even spend five minutes to come up with a secure password. The two most common computer passwords today are "password" and "123456".
Protecting your systems, data and hardware may cost time and money. But the consequences of a cyber attack can be far more expensive. You have a duty to all stake holders to protect your business from such threats.
There is now Cyber Insurance available for small to medium business which can take some of the worry away, but you can still do some things to reduce the risks.
Here are five tips you can take to assisting in protecting your small business from cyber risks.
1. Deal with the weak points. Passwords are the best place to start. Then there are Firewalls. Click here to read more.
2. Set up banking-only computer. One easy way to fight fraud is to use a dedicated computer for all online financial transactions. Click here to read more.
3. Back it up. Cloud computing and other Internet technologies, backup services for data are now quite a cost-effective way of storing data off-site for small-business owners. Click here to read more.
4. Educate employees. Employees are your first line of defence against cybercriminals, however they are also potentially a large security risk. Click here to read more.
5. Get insured. No matter how hard you try, you'll never be completely safe from cyber risks. So your last line of defence is transferring the risk to insurers. Click here to read more.
You can get an insurance policy that covers any losses such as cybercrime and computer fraud in a Commercial Crime policy, to defamation and infringement of copyright within a Multimedia policy. Then there are more comprehensive covers that cover "first party" losses such as a server or website being shut down.
Then "third party" losses such as confidential client information being released and the resultant breach of confidentiality claim. All which can be covered within a Cyber Insurance policy.
There are limited markets for this type of cover at present but cover is available. It will be interesting to see if it takes off in Australia.