The development of cyber security for your business doesn't always have to be an expensive process, according to PwC - but free processes can only take you so far before you need a more robust risk management plan.

A risk that people are ignoring

Have you been slow to adapt to the rising threat in the digital era?  According to a study from Symantec, the company responsible for Norton Antivirus, only about 6 per cent of small businesses (those with between one and 20 employees) had some form of cyberinsurance. That is despite the fact that 18 per cent of them have suffered some form of cyberattack.

Family businesses are at particular risk of falling victim to digital risks, according to a PwC survey. Only 31 per cent of family business board are aware of the risk from cyber attack, but less than half feel ready for a data breach or cyber attack in New Zealand.

Clearly, there is a need for the development of a robust cyber security and general risk management plan based around the rise of digital. Thankfully, however, it doesn't have to cost a single cent - at least, when you first get started.

Is cybersecurity expensive?

It appears that the first cut is the cheapest, says PwC, as it highlights how small businesses should begin their new cyber security plans by identifying data and functions that are most crucial to the running of their business.

Small businesses tend to have the upper hand on larger enterprises in agility, and cyber security is no different: a small number of systems and processes could mean that this identification process is not only quick and easy, but also free.

Some inexpensive areas SMEs can focus on are:

• Staff education and awareness,
   
• Free or low cost antivirus program

• Processes around third party access to business data, and
   
• Client and customer data safety

However, free processes can only go so far. There comes a time in any business' growth cycle when cyber security should be a serious concern.

When you're ready to take the next step, get in touch with the brokers at Rothbury to find out how we can help you access the right cyber security plan for your business. If the time has come now, give us a call or contact us online.

View these short videos to help you understand cyber risk better

What is cyber crime?

How can cyber crime cost my business?

What does cyber insurance cover?