Melbourne-based IDO Lab and its Cryptoinsure division is all about showing SMEs how to protect their data, what to do if their nightmare becomes a reality and indemnifying themselves against losses.
According to David Erenboim, CEO of IDO Lab, these days the big threat to small businesses is the notorious cryptolocker and other similar malware code circulating online, which attack Windows systems, lock them and demand large sums to get the software key for the antidote.
“Ransomware is becoming increasingly prevalent and the perpetrators are becoming more clever,” he says.
“We perform the usual audit and vulnerability assessment for businesses and how to close the gaps.
In some cases, however, attackers find their way in through some nefarious means and it’s not just the business but also its customers that are compromised, the recent Ashley Madison fiasco being a case in point.
“The other side of security for businesses is that you can insure against these types of events,” says IDO Lab’s Erenboim.
“As the Ashley Madison case demonstrates, a data attack that compromises the privacy of your customers exposes an enterprise to legal liabilities that can be a business extinguishing event.
“We provide a range of cyber liability and third party privacy protection policies, using global insurers such as AIG, Chubb and Dual.”
According to Erenboim, however, protecting SMEs is in most cases both necessary and, fortunately, affordable.
“It’s no longer a matter of if but how much protection and cover you need – and that’s where we come in.”