Debunking common cyber security myths

Andy Beven, Underwriting Liability & Cyber Manager at NZI

Many business owners are unaware of the growing threat of cyber-attacks and don’t have adequate cyber security processes, leaving them vulnerable to an attack. 

With cyber-crime increasing year-on-year, it becomes more and more important for businesses to be prepared and protected, let’s talk about some of the common misconceptions around cyber insurance.

Myth #1: Most businesses don’t need cyber insurance

Cyber criminals aren’t usually targeting individual businesses. They’re sending out millions of emails and hoping some of those will get clicked on. One of NZI's larger claims for cyber insurance was a panel beater, who was targeted by a phishing scam.

Myth #2: It’ll never happen to me

There is no guarantee that a business is safe from an attack. If you’re using technology, even to send out an invoice or keep data on the cloud, there is a risk of a potential cyber-attack.

Myth #3: Cyber-attacks don’t result in much loss

A cyber incident can be a very costly event, running into the tens of thousands of dollars, and having serious consequences for a business.

Myth #4: Cyber incidents are few and far between

There were almost nine thousand cyber incidents reported to the national Computer Emergency Response Team, CERT NZ, in New Zealand last year.

Myth #5: Once a cyber-attack has happened, there’s not much that can be done

The key during a cyber-attack is time – the way a business responds during the early minutes and hours will dictate how it will all play out, so early notification to NZI is essential.

Myth #6: There is no way to prevent a cyber attack

There are a number of ways a business can protect itself, including NZI’s UpGuard tool which identifies vulnerabilities in a business’s cyber security, and our Cyber Base and Cyber Ultra cover.

Watch the video below for more information, and assess your business’s cyber risk here.