Why Cyber Protection Should Be a Priority for Your Business

Cyber threats are no longer just a concern for big tech companies or governments. Today, small and medium-sized businesses in Australia are just as likely - if not more so - to fall victim to cybercrime.

SMEs are in the firing line – here’s the proof

• The average cost of a cyber attack on a business in Australia is $276,323.
• It takes an average of 23 days to fully resolve a cyber incident.
• 1 in 2 SMEs now receive payments online, increasing their exposure to data breaches and fraud.
• Alarmingly, 1 in 5 cybercrimes reported by Australian SMEs are either banking fraud or business email compromise (BEC).‍
• Over 98% of BEC attacks result in financial loss, with average losses exceeding $55,000 per case.
• And perhaps most concerning - 85% of consumers say they would stop dealing with a business that suffers a data breach.

Just last year, several local law firms, healthcare providers, and construction firms were hit with ransomware and phishing attacks - many of which resulted in client data being leaked or encrypted.

For SMEs, the fallout can be severe: operational downtime, legal liability, reputational damage, and regulatory fines.

So, what can you do?

Beyond strong cybersecurity practices and staff training, one of the smartest risk management steps is Cyber Insurance.

A comprehensive cyber policy can cover:

• Financial loss from cyber crime or data breaches.
• Business interruption.
• Incident response and forensic investigation.
• Legal liability and privacy breach costs.
• PR support to manage reputational fallout.

At PLI Brokers, we help clients protect what they’ve built. If you’re unsure whether your business is adequately covered for today’s digital risks, we can review your current policy or walk you through options tailored to your operations.

Reach out today to learn how we can help you secure your business in a digital-first world.

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