Cyber crime has grown over recent years to become a substantial threat to businesses, with the potential to significantly impact operations. Whether through a costly data breach or due to IT infrastructure damage, it’s essential to ensure protective measures are in place.

A new report from Zurich-Advisen found that just 14 per cent of small and medium sized businesses believed cyber crime represented a serious risk to operations. This is despite the fact that the security systems of these businesses are the least likely to have appropriate security solutions.

On the other hand, 86 per cent of the largest companies believed cyber risks posed a serious threat.

Zurich Chief Information Officer, Scott Watters explained the need for an awareness of cyber security within Australia, and the clear message within the report.

“With its ongoing immeasurable complexity, the internet of tomorrow will undoubtedly be less robust and resilient than it is today, so it comes down to the companies and businesses that are most resilient and agile,” Mr Watters said.

“Those companies will shift from protection towards resilience. They will have a plan in place that allows them to bounce back from cyber disruptions.”

He went on to explain that no matter the size of the company, a small set of actions is commonly able to provide protection against cyber risk. Commonly, these are things such as security systems and processes for staff to follow on a daily basis.

Cyber attacks can cause a substantial amount of damage, thus requiring IT Liability and business interruption insurance. By having a policy in place, another protective layer is enabled. Of course, security systems still need to be a primary concern in order to ensure ongoing protection.

IT security should become a top business priority in the near future.