Cybercriminals are increasingly targeting New Zealand small businesses, from ransomware attacks to phishing.
The country’s cyber monitoring body, CERT NZ, received 2,001 incident reports between April and June 2021, reaching a direct financial loss of $3.9 million over the period. Nearly one-third of those who reported a loss lost more than $1,000.
If cybercriminals hack into your network or access your sensitive data, the results could be catastrophic to your business both financially and reputationally.
Luckily, government agencies and companies are becoming more adept at fighting cyber criminals, and efforts are ramping up to find and prosecute them.
One of the tools at their disposal to help catch them is using forensic cyber analysis.
Forensic cyber analysis: Defined
Forensic cyber analysis is the process of investigation to collect computer-related evidence in the hope of catching and prosecuting cybercriminals before they attack businesses and individuals.
Cybersecurity professionals are tasked with carrying out forensic cyber analysis and are at the forefront of the fight against cybercrime.
They identify and develop mitigation strategies for network vulnerabilities while digging deep into networks, computers and smartphones to find evidence of criminal activity. They also run counterintelligence against criminals, hackers, and others with malicious intentions and use scientific investigation techniques to accomplish this.
Small business owners may want to conduct a forensic cyber analysis to recover lost data or regain access to your network in the event of an attack. Not only could this help your business with its reputation, but the findings could be used as evidence in court.
How much does forensic cyber analysis cost?
While you could hire many specialist services to conduct a forensic cyber analysis, the cost can vary substantially.
One company charged $250 an hour, with the typical cyber analysis of a single computer device with a “well-defined scope of the investigation”, typically taking 23-40 hours of work from an expert. Other companies put the cost up to $100,000.
While this may seem expensive, there are many costs that you will have to pay if you don’t conduct forensic data analysis.
Legal fees and defence costs, ransom paid, as well as revenue lost due to business interruption all, can be expensive. This is not even factoring in the damage to your reputation, with research finding that businesses can lose 40% of customers after a breach.
The cost of both cybercrime incidents and conducting forensic analysis afterwards can be simply too much for some small businesses.
This is one of the reasons small businesses whose bottom lines can’t easily absorb the expense may want to consider data protection insurance.
Steps to reduce the risk of an attack
Costs for forensic IT vary depending on the complexity of a case. Taking steps to lower their risk and avoid the need for forensic analysis could not only help prevent a cyberattack but lower investigation costs.
Small businesses may want to consider adopting widely accepted cybersecurity practices and tools. These include:
- Multi-factor authentication
- Strong passwords
- Threat detection tools for systems’ endpoints (servers and mobile devices, among others)
These efforts are more than just about putting up a wall in the hope of preventing an attack. Knowing how fast you can react to an attack and kick them back over the wall are essential to reducing the damage.
What is covered by data protection insurance?
Data protection insurance is a type of Cyber Liability Insurance designed to protect small businesses from the legal costs and expenses of cybercrime.
It may generally cover expenses and restoration costs, including:
- Data breaches, including theft or loss of client information
- Network security breaches
- Business interruption costs
- Cyber Extortion
- Loss and Legal costs, including fines and penalties resulting from a third-party claim for data or network security breach against your company
Crucially, Cyber Liability insurance could cover the costs of forensic cyber analysis, including the costs of investigating breach’s cause and scope.
It is also designed to cover data recovery costs and expenses related to crisis management or other types of public relations costs of mitigating damage to your reputation.
Protect your small business today
Nearly every business depends on its data for its ability to function. Hackers can target your business as soon as you connect to the Internet or your network. Your business reputation can be damaged if your business assets and data are compromised or stolen, and without protection, you will be left to deal with the damage.
Forensic cyber analysis can help you recover critical information and reduce the severity of the consequences of an attack. However, for small businesses in a crisis, the cost alone may make this not an option.
Cyber Liability insurance could provide the essential resources you may need if your business falls victim to a cybercrime. Don’t wait any longer. Sort out your data protection insurance through the online business insurance service BizCover. Compare quotes from New Zealand’s leading insurers and get covered today.
This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2022 BizCover Pty Limited, BizCover Limited is owned by BizCover Pty Ltd (ABN 68 127 707 975)
