Capricorn Risk

Could cybercriminals cost you a fortune?

Did you know that any piece of electronic equipment connected to the internet can be vulnerable to a cyberattack that could cost you tens of thousands of dollars?

Everything from your phone to your office computer to the scan tools out on your workshop floor is a potential entry point into your business for a cybercriminal.

Every year cyberattacks cost the Australian economy $29 billion; and the average cost of a data breach to a company is $2.13 million. In New Zealand, cyberattacks in the 2019-20 Financial Year cost victims NZ$108 million.

It’s easy to imagine that big businesses are the usual targets of these kinds of attacks, but most of the tens of millions of cyberattacks in Australia and New Zealand every year are on small and medium-sized businesses. Why? Because smaller businesses don’t have the kinds of sophisticated IT security systems of bigger companies.

Put simply, smaller businesses are easier to hack — and gaining entry to your entire computer system can be as easy as tricking you into clicking on a link in an email. Once they’re in, the criminals can lock your computers, demand ransoms, drain your bank accounts and steal personal information.

Cybercriminals often ask for smaller amounts of money, in the order of $3000, to relinquish control of your IT system. Usually, they ask to be paid in Bitcoin so the transaction is not traceable. If you don’t have IT security in place, we highly recommend you speak to a specialist as soon as possible to set up your first line of defence in place. You may as well make it as hard as possible for criminals to get into your system.

The other step we encourage every Member to take is purchasing cyber insurance. If you do fall victim to a cyberattack it is important to act fast, and having cyber insurance allows you to do just that. Depending on your policy, cyber insurance may cover:

• Loss of revenue from interrupted business • Hiring negotiators and paying a ransom • Recovering and replacing records or data • Liability and third-party loss • Defence of legal claims • Preventing further attacks.

Having cyber insurance gives you access to IT specialists who can access your IT system, stop any more damage, and attempt to undo the damage done by the criminals.

The policies aren’t expensive, and they won’t prevent an attack from happening, but they can make all the difference in keeping the costs involved in the clean-up under control. It’s a worthwhile investment.

To find out more about cyber insurance, contact your Risk Account Manager today.

Contact Capricorn Risk Services 0800 555 303 I info@capricornrisk.com I capricorn.coop/risk

PREFERRED SUPPLIER PROFILES

NEW ZEALAND

9

YEARS PREFERRED SUPPLIER

NXP

nxp.nz

Founded over 70 years ago, NXP is a proud Kiwi-owned, business products sourcing and distribution company with 220 staff. They supply a large portfolio of Government and corporate customers, ranging from large B2B organisations through to SMEs, schools and retail customers. NXP operates a nationwide supply network with distribution centres in Auckland, Wellington and Christchurch. Rogue spending is costly. NXP focuses on driving down Members’ direct product costs by leveraging buying power and consolidating their needs to just one easy to manage supplier. Whether it’s copy paper, coffee, heavy duty cleaner or hand sanitiser, they’ve got everything Members need in one place.

Their extensive range includes:

• Office Stationery • Heavy Duty Cleaners • Bathroom & Kitchen Suppliers • Warehouse & Packaging • PPE • Safety & Workwear NXP has a track record of providing next-day deliveries to 98% of NZ with an ordering cut-off time as late as 5 pm. Even better, delivery is free when your order is over $50. Capricorn Members are valued customers at NXP. Not only does NXP have a local customer care team to assist with any day-to-day enquiries, but also Members have a dedicated Account Manager who will work to anticipate their needs, challenge historical process and inspire change that promotes success. Their goal is simple: to help you find savings and make sure you get the right products, fast.

NEW ZEALAND

1

YEAR PREFERRED SUPPLIER

Steel & Tube

steelandtube.co.nz

From the floor under your feet to the roof over your head, and the nuts and bolts in between – Steel & Tube has been here, building New Zealand from the ground up since 1953. They are a proud New Zealand company — locally owned by everyday New Zealanders — and staffed with passionate Kiwis who really care for this country and all we stand for. Steel & Tube’s people are their greatest strength — the steel backbone of our company.

They’re passionate, innovative, capable and proud of what they do. Steel & Tube offers a wide range of steel and allied products, including stainless steel, reinforcing mesh, roofing, chain and rigging, fasteners (through Fortress Fasteners) and industrial consumables. Steel & Tube is available nationwide, with branches from Whangarei to Invercargill.

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