What do businesses believe main concerns are for cybersecurity? A new survey indicates that many are worried about internal threats from employees.

As reported earlier, a cybersecurity breach can incur serious costs for your business. With global research indicating that Australia is particularly vulnerable to threats, ensuring your business is able to financially recover is the key to managing cyber  risk.

Australia ranked first for cybersecurity risks

“The capability to detect incidents has also increased, however, Australian businesses still face significant cyber challenges.”

PwC’s latest report indicates that Australia’s cybersecurity is increasingly getting worse. According to the 2016 Global State of Information Security Survey, Australia had the highest number of detected cyber security incidents worldwide at 9,434.

The last 12 months saw an overwhelming rise of 109 per cent, much higher than the global increase of 38.5 per cent. PwC’s Australian and Asia-pacific Cyber Leader Steve Ingram notes that Australia had almost triple than the rest of the world from 2014 to 2015 for cyber security incidents.

However, Mr Ingram notes that more businesses are managing cyberthreats by investing in security measures and protocols.

“The average loss experienced by Australian businesses now comes close to equalling the average amount of budget allocated to security,” Mr Ingram explains.

“This means that the capability to detect incidents has also increased, however, Australian businesses still face significant cyber challenges.”

Furthermore, internal threats are becoming a growing concern, with research from First Advantage suggesting that staff could be compromising cybersecurity.

Cyberattacks can be caused by former workers.

Employees causing cybersecurity concerns

According to the First Advantage 2015 Cybersecurity Survey, employees can be a key security concern that is difficult to protect against. The survey indicated that 35 per cent of respondents identified former staff as a high-risk external threat. This was only second to professional hackers (55 per cent).

Given the rising prevalence of cyberattacks in Australia and the significant damage they can cause, companies should take out measures to prevent their success. Integrating security measures such as background screening as part of a risk assessment can minimise insurance premiums.

However, regardless of the security measures taken out, there is still a chance that a cyberthreat can lead to serious financial losses. As such, incorporating cybersecurity as part of your business insurance can prove useful.

Obtaining the right business insurance package can help minimise the economic impact of cyberthreats. Whether the threat is due to a phishing scam or a disgruntled former worker, having the right cover can help keep your company running.