cyber insurance.

Cybersecurity Risks in a Digital Gift & Homewares World

FROM AUSTBROKERS ABS

CONTACT | Scott Joass scott.joass@austbrokersabs.com.au 0455 109 945

Technology touches everything we do. It improves the way we communicate, collaborate and transact.

As a result, our lives have shifted online, especially since the advent of smart phones. Many of the daily tasks we used to do offline – banking, emails and invoicing – we now do online. Data shows just how integral the online environment is to us.

From data breaches and denial of service attacks to theft of credit card data, the Gift and Homeware industry face a number of cyber risk exposures all of which are critical to the business processes.

Ransomware attacks can knock these systems offline, causing serious delays, disruptions, and even unauthorised access to sensitive data.

In particular, some of the systems and technologies used are often outdated and lack proper security protocols. The possibility of physical damage to equipment due to a cyber attack is also a unique concern for the industry, underscoring the need to prioritise cyber security measures that protect operations.

50% of retailers that experienced a data breach in the last year.

$52,000 Average claim size for retailers.

75% Percent of cyber attacks on retailers stemming from denial of service (DDoS) and payment skimming attacks.