A message from our Managing Director, Tony McCormick.
The recent Cyber Attacks on the Australian Government Offices and Business is yet another reminder of how financially devastating these matters can be.
Many of these are not specifically targeting businesses, just mass attempts to get in to computer systems.
In March this year, we had a very small Cyber Incursion, by way of Business Email Compromise.
Quickly found and having our IT Managed Service Provider, working in partnership with our Insurer’s Cyber Security Firm, the problem was fixed very promptly.
As at yesterday we have costs of $56,632.13 and we still have some more costs to come.
All paid by our Insurer. A quality Cyber Insurance Policy and Response Program. The word quality is very important here.
The costs from our IT MSP (like many others, these costs are not covered in our regular Agreement), Cyber Security Firm, Specialist Vendor to establish and report on what the attackers looked at, notification to the OAIC (Office of the Australian Information Commissioner https://www.oaic.gov.au/ ) and we are still to finalise the last two aspects before this will be complete.
This was a very small attack but as you can see, costs have added up quickly and it will probably be four to five months of time to put this behind us.
As the Manager of our Cyber Insurance Placement Team said yesterday, “Scary times mate, any client that doesn’t have cyber insurance is risking their livelihood now!”
Please put in place as a matter of urgency, a high quality Cyber Insurance Policy/Program, that includes a very prompt, proven and effective Cyber Response arrangement.
Contact one of our Professional Account Managers to discuss.
A.P (Tony) McCormick and The MHI team.
April 19, 2023
January 23, 2023
January 18, 2023
December 13, 2022
October 21, 2022
October 12, 2022
August 25, 2022
July 29, 2022
July 6, 2022
February 1, 2020
March 30, 2020
April 17, 2020
May 8, 2020
June 22, 2020
"I have been operating as an AR with McCormick Harris since late 2005. Prior to that I was a Responsible Officer for a brokerage with all the laborious tasks of maintaining a licence. The relationship with the McCormick Harris team has developed significantly over that time, and all of us in the Sydney office feel part of the organisation without losing our independence of operating a well respected brokerage. The only thing missing are the compliance requirements that need ongoing attention."- Joe Gemmola Director of Zedcora Pty Ltd since 2005