3 ways to protect your business

Protecting your business from cyber threats is crucial. Cyber security can help minimise the risks and damages caused by a cyber-attack.

Tips to improve your business's cyber security:

• Create strong passwords or passphrases.
• Turn on multi-factor authentication on your devices and software.
• Backup important information in a separate location so you have a copy in case your information gets stolen or lost.
• Install security software to protect your devices from malware.
• Keep up to date with cyber risks.
• Get cyber security insurance. This can help you recover if you become a victim of a cyber-attack.

Having the right insurance can help protect your business, customers, and income. Some types of insurance are compulsory for business owners, such as workers compensation insurance if you have employees.

Depending on your business type, industry, and the work you do, you may need extra insurances. Make sure to check what insurances your business needs in your state or territory.

You can also choose to get optional insurances to help protect your business. Here are some optional insurances you may want to consider:

• Stock, products and asset insurance.
• Accident and liability insurance.
• Technology and cybercrime insurance.

IP rights protect your unique business ideas. IP can be anything from an original product, name, logo, design, or process that you have created.

Registering for IP rights can give you:

• legal rights to your IP
• protects your IP from being used by others
• market advantages.

There are different types of IP rights, such as patents, trade marks, and copyright. Make sure you know which IP rights suit your IP.