Your IT security may not protect you from every cyber breach
Cyber breaches are unfortunately becoming more common in Australia, with organisations needing to become more vigilant when it comes to protecting their balance sheet and the reputational damage that can be caused by a cyber breach.
ASX-listed property valuation firm Landmark White experienced were made aware of a cyber breach in February of this year, forcing the company into a trading halt.
The company expects to lose up to $7m in revenue as a result of the breach, costing the CEO Chris Coonan his job as he was forced to resign. The company resumed trading in May, where the share price has tumbled from $0.43 down to $0.26.
This case is a timely reminder that companies cannot afford to rely solely on their IT security software in this era of cybercrime. For complete protection, companies need to look towards their insurance broker for guidance on how to manage their cyber risk.