If you’re an online business or use technology in your day-to-day activities, cyber security should be one of your first and most important considerations. Having your inside information and assets online is convenient for many purposes, but it also comes with several risks. 

Dealing with data breaches or cyber attacks can jeopardise your business’ performance and intellectual property which can damage your businesss’ reputation and potentially be devastating. Having a comprehensive Cyber Security Policy will ensure you can mitigate the impact data breaches or cyber attacks will have to your business. 

What Is Cyber Security?

In simple terms, cyber security is a business’ way of safeguarding itself from online risks or threats. As a business, you store a lot of valuable data online (such as clients’ personal information), so it’s important to invest in a strong cyber security plan that minimises any risk to this data. 

So, what do we mean by online threats? Online threats could include any of the following:

  • Scam emails
  • Malware
  • Ransomware
  • Distributed Denial of Service

It’s also worth noting that establishing or improving your cyber security is a lot more than just backing up data or strengthening passwords. The process involves ensuring everyone in your workplace abides by cyber security protocols – it’s a team effort! 

You want to make sure everyone understands the nature of cyber security, what they need to do to maintain this security and ensure they are trained to respond to a cyber security breach. Implementing these procedures in the workplace and including everyone in the process is the most effective way to improve your cyber security. 

The best way to ensure this is successful is to have a Cyber Security Policy that sets this all out in writing and is accessible to all employees or any contractors that may work for you. 

What Is A Cyber Security Policy?

A Cyber Security Policy sets out the rules and procedures to be followed to ensure online information and data is protected. This policy should generally cover the following matters:

  • Procedures on updating systems regularly
  • Rules around asset protection
  • Monitoring access to data (for example, who can log into what)
  • Rules around working from home arrangements (you may want to look into a Work From Home Policy)
  • Relevant training programs for staff around cyber security 
  • Details around cyber security insurance
  • A Data Breach Response Plan
  • Rules around confidentiality (such as a Non-Disclosure or Non-Compete Agreement)

A well-drafted Cyber Security Policy by a lawyer will ensure you cover the key areas that are most susceptible to data breaches or cyber attacks. If you also have contractors or external IT providers that use or manage your online data, having a Cyber Security Policy will ensure you can minimise any cyber security risks. 

Why Do I Need A Cyber Security Policy?

Most online businesses will need a Cyber Security Policy because of the nature of the tasks involved. For example, you’ll need to think carefully about protecting your intellectual property and assets if your business engages in any of the following:

  • Social media marketing
  • Bring Your Own Device workplace policy
  • IT security
  • Working From Home arrangements

A lot of these activities involve storing important information online and sharing it with multiple people, so a Cyber Security Policy will lay out the ground rules for ensuring these assets don’t end up in the wrong hands. 

It’s also generally good business practice to protect your information even if you don’t run an online business. Even if the Privacy Act does not apply to your business, it’s worth taking measures to protect your business information. After all, this is the key to your business’ success. 

Need Help?

Establishing strong cyber security processes together with having a comprehensive cyber security policy is one of the most important steps in protecting your assets and intellectual property. So, it’s worth speaking to a lawyer who can help you draft a Cyber Security Policy that suits your business’ needs. 

If you would like a consultation on your options going forward, you can reach us at 1800 730 617 or team@sprintlaw.com.au for a free, no-obligations chat.

About Sprintlaw

Sprintlaw is a new type of law firm that operates completely online and on a fixed-fee basis. We’re on a mission to make quality legal services faster, simpler and more affordable for small business owners and entrepreneurs.

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