In an age where digital tools drive almost every part of business, cyber threats are rising faster than ever and it appears to extend across most industries. Every day in Australia, 220 cybercrimes are reported, and 1 in 5 businesses experience a cyber event each year. But here’s the scary part: many incidents go completely unnoticed because businesses don’t even realise they’ve been compromised.
Who’s at Risk?
Cybercrime isn’t confined to tech companies or major corporations. Some of the most targeted sectors include:
- Healthcare
- Government
- Financial Services
If your business stores or processes sensitive client data, you’re a target and you can’t afford to not be prepared.
The Most Common Threat: Compromised Inboxes
A staggering 60% of cyber insurance claims begin with something as simple as a hacked email account. From there, attackers can access client data, internal files, and even financial records. Businesses are legally required to notify affected clients and reveal the details of the incident, transforming it into not only a technical challenge but also a reputational and financial concern.
A Smarter Way to Stay Secure: Finance Vault
Enter Finance Vault, a purpose-built, AWS-hosted secure server designed to protect your data and software. Sitting outside your core systems, it acts as a fortified digital perimeter, reducing your risk and insulating critical operations from threats.
Whether you’re a mortgage broker, financial planner, or accountant, Finance Vault provides peace of mind by adding a powerful layer of protection between your business and potential cyber-attacks.
Real-Life Case Study: One Click, $35,000 Lost
Let’s look at a real-world example. An accountant received what looked like a legitimate Dropbox link from a client. After clicking it, things quickly spiraled out of control. The result?
- E-discovery: $16,000
- Legal fees: $10,988
- IT forensics: $8,000
- Client notifications: $150–$180 per client
- Agency notifications: Additional costs for emails, PR, credit monitoring
Total cost: $35,000 + the potential damage to reputation or client trust.
The Fallout of a Cyber Attack
If the financial cost isn’t enough to raise alarm, consider this: 65% of Australian businesses go under after a cyber event. That’s because the impacts are wide-reaching:
- Damaged reputation
- Lost client trust
- Interrupted income
- Long recovery times
For small to medium-sized businesses, the average loss can be as high as $250,000, contributing to the $29 billion lost annually to cybercrime by Australian SMEs.
It’s Not Just Your Current Clients at Risk
Once someone breaches your system, they can access everything, from current deals to past client interactions and even abandoned applications. That includes:
- Past enquiries
- Settled loans
- Current loan pipelines
In short, your entire digital footprint is exposed.
Don’t Wait Until It’s Too Late
Cybersecurity is no longer a “nice to have.” It’s a non-negotiable business priority. With threats escalating and costs rising, protecting your systems, your clients, and your reputation should be at the top of your to-do list.
Take the first step with Finance Vault and BrokerEngine Plus to secure your future today.
