“If we look at the risk of cyberattacks, for example, it’s something that has really been affected by the large-scale shift to remote working which, in turn, was accelerated by COVID,” Leney told Insurance Business. “As a result, we’ve been having a lot of conversations with clients about how they can stay vigilant about cyber risk and how they can be protected against the costs associated with these types of events.”

“Anecdotally speaking, I’ve found that it’s more likely for SMEs to be targeted by scammers and hackers than our larger clients, though it’s important to remember that no-one’s immune to these attacks,” he added.

Read more: What are the top risks facing Australian businesses today?

Leney wasn’t surprised to see extreme weather events crack the top five perceived risks for Australia, given the wealth of natural disasters that the continent has to deal with. In particular, he pointed towards the WEF’s Global Risks Report 2020, which collected the thoughts of 750 global experts and decision-makers on what the most pressing risks facing the world were. Published in January 2020, the…

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In July, the FBI sent an alert to trucking companies advising them of the potential for their electronic logging devices to be hacked. While the FBI told FreightWaves the alert was not in response to any specific threat, it did raise alarms in the industry.

How vulnerable to a hack is the transportation industry?

In October 2019, a panel at the American Trucking Associations’ Management Conference & Exhibition discussed a report that found businesses in the trucking industry and overall supply chain were the fifth most at risk of a cyberattack. Threats against the industry had increased 100-fold in just four years, the experts on the panel said.

If a new Travelers Cos. (NYSE: TRV) risk survey is accurate, not only is the industry still vulnerable a year later, it also isn’t prepared to address cyberattacks.

“With more employees relying on their ability to connect with company systems from remote locations, and many consumers preferring online transactions in an age of social distancing, it’s more important than ever for companies to do all they can to mitigate exposure to cyber threats,” Tim Francis, enterprise cyber lead at Travelers, said in a…

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Article by Stax founder and CPO James Coxon.

With companies accelerating their digital transformation efforts thanks to COVID-19, many may assume compliance would fall to the bottom of the to-do list. But cyber-attacks, such as the one reported by the Australian Government last month, only highlight the need for companies to ensure their compliance is watertight.

If an organisation is running on the cloud, its ecosystem has to be compliant with industry standards and frameworks. Here are some tips on how to ensure compliance processes are fit for purpose.

Start and start now

As the Chinese proverb goes, “The best time to plant a tree was 20 years ago. The second-best time is now”. The same goes for compliance. 

However far along the compliance road the organisation is, there is no better time to focus on making sure the entire ecosystem is secure and compliant than now.

Sometimes compliance can feel a bit daunting, but there’s no need to boil the ocean. Get started by breaking the project up into digestible chunks of action and start with the low-hanging fruit. 

 

Review and rejig

Start by reviewing the compliance processes already in place. 

Even if there…

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