Avoid the Pitfalls: Risk Essentials for Real Estate Agents
More than half of Australian real estate professionals say client expectations have intensified in the past two years.
Cyberattacks can have severe consequences for SMEs, such as:
- Financial loss
- Operational disruption, including system downtime and supply chain disruptions
- Employee morale and productivity
- Reputational damage, and
- Higher insurance premiums.
As well, there are legal and regulatory compliance issues. Businesses with an annual turnover of $3M+ may fall into the purview of the Privacy Act 1988. Find out here if your SME needs to comply.
How to Implement the Essential Eight
- Assess your current security posture:
Evaluate your current security practices to identify areas for improvement - Prioritise implementation:
Start implementing the easiest controls, such as patching applications and configuring macro settings - Seek expert advice:
Consult with cybersecurity experts to develop a comprehensive cybersecurity strategy tailored to your business needs - Foster a Culture of cybersecurity: Encourage employees to be vigilant and report any suspicious activity, and
- Continuously monitor and adapt:
Start by implementing the easiest controls, such as patching applications and configuring macro settings
When you’ve nailed your approach to cybersecurity, you can rate your business on a maturity scale of one, the lowest to three, the highest.
The Role of Leadership
Strong leadership is crucial for driving cyber resilience. By prioritising cybersecurity and allocating sufficient resources, business leaders can create a culture of security awareness. It might mean one of your IT staff needs to do an Essential Eight Assessment, such as this one.
Adopting the Essential Eight strategies enables Australian SMEs to strengthen their defences and significantly reduce exposure to cyber threats. However, cybersecurity isn’t a one-time action; it’s an ongoing responsibility that requires vigilance and adaptation to evolving risks.
Proactive steps are key to safeguarding your business’s future. This includes working with your broker or adviser to develop a comprehensive risk management strategy, which may encompass Cyber Insurance. Cyber Insurance provides crucial financial protection against losses such as data breaches, ransomware attacks, and business interruption, complementing your overall approach to cybersecurity.
Stay informed and take proactive steps, such as by talking to us, as your broker or adviser, about risk management, to help safeguard your business future.
Legal and Reputational Impacts
When private information is stolen, Australian privacy laws mandate businesses notify affected parties and the relevant authorities. As well as these obligations, companies may face potential lawsuits, higher oversight from regulatory authorities, and long-lasting reputational harm.
Late last year, Federal Parliament passed a set of new cybersecurity laws requiring businesses and organisations report ransom payments, though paying ransoms remains legal.
Rebuilding customer trust after a data breach can take years, compounding the financial and reputational fallout.
Proactive Measures to Safeguard Against Ransomware
To minimise your risk of attack, invest in cybersecurity measures, such as:
- Implement robust firewalls
- Deploy real-time threat detection systems
- Regularly update software
- Provide frequent training for staff to recognise phishing attempts and other ransomware entry points
- Assess your systems’ vulnerabilities, and
- Apply the ACSC’s Essential Eight framework as your cybersecurity health checklist.
Article Supplied by OneAffiniti
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