company profile
CYBER RISK IMPACTS FOR THE HIRE INDUSTRY
A
ll businesses today rely on IT and technology. We use them without thinking in the same way we would have used a calculator or fax machine in the past. Yet improvements in efficiency come with a whole new area of risk for businesses of all sizes. The hire industry is no different. The average financial impact of a cyber-attack on a business is $159,000 according to a survey issued by Hewlett Packard toward the end of last year. Yet less than 5% of New Zealand SMEs have cyber insurance as protection. The simple fact is that cyber risk and threats are developing and changing. There have been increases in both ransomware attacks and social engineering (e.g. sending e-mails impersonating senior colleagues) and losses are mounting. Cyber insurance can play an important role. Cyber insurance is, in many ways, different to other forms of insurance. Some insurers will undertake pre-policy risk assessments and advise you of your system vulnerabilities and what needs to be done to fix them and some will provide real time threat assessments advising you of new threats specific to your systems. All insurers will provide 24/7 cyber response services to help you manage an attack or recover from a loss. Understanding the risks, you are exposed to and the likely costs and impact of an attack on your business is important. No system is perfectly secure. Having a well thought through recovery plan that includes an element of insurance assistance will help improve the resilience of your business. ■ For further information contact David Chow, Executive Broker ICIB on 027 482 6832, email David.chow@icib.co.nz or visit www.icib.co.nz HIANZ HIRE & RENTAL 2022 -
PAGE 43
