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In July 2024, global cybersecurity company CrowdStrike brought the internet to its knees, with a glitch in its software update that caused widespread system crashes with computers running Windows operating systems. One source suggests the total cost of the outage could run to more than...
Cybercrime shows no signs of slowing down in Australia. ReportCyber, the Federal Government’s online cybercrime reporting service, received close to 94,000 reports in FY2023, according to the Australian Signals Directorate (ASD) Cyber Threat Report 2022-2023. While attacks on big business may hog the headlines, small enterprises are...
Insurance is essential for every Australian business. Designed to help you recover following an accident or incident, it's can arguably be one of your most important investments. But it can also represent a significant expense. That's why it pays to spend time and effort making...
The past few years of natural disasters, from bushfires to floods, have reminded many business owners about the importance of business interruption (BI) insurance. It's been the difference between keeping their doors open or closing shop for good for some businesses. Business interruption (BI) insurance allows...
In its simplest terms, reinsurance is insurance for insurance companies. Unfortunately, global reinsurance is impacting businesses of all sizes following an increase in catastrophic events across Australia. Insurers paid out $36.5 billion in claims in 2022 alone, according to the Insurance Council of Australia. There were more than...
Businesses of all shapes and sizes are starting to embrace artificial intelligence (AI) powered tools such as ChatGPT. Its uses are almost limitless, from writing marketing content to generating business proposals and so much more. But it's also important to understand its limitations and risks. What is ChatGPT? ChatGPT...
All the data points to a hotter than-average summer, which means Aussie businesses should prepare for extreme weather during the warmer months. Here are some steps you can take to help prepare your small business, in case droughts and floods affect your area. The Australian Actuaries Climate...
In today’s climate of uncertainty, small businesses are facing a number of challenges. Along with higher interest rates, cyber threats and new technologies such as artificial intelligence, there’s the looming risk of recession. Vincent Nair, Executive Chairman and CEO of SMARTECH Business Systems discusses the steps you...
An annual insurance health check is all part of being in business and a new year is a great time for this important task. So here are some tips for making sure your risks are covered in 2022. Step one – assess your risks A business risk assessment involves mapping...
When you suffer an insurable event, the way you approach the claim from the start can make a huge difference in terms of how quickly the claim is processed and whether it’s approved, as these examples show. In the first case, the business relied on a...