Addressing the Risk of Cyber Attack

Hackers, ransomware attacks, Denial of Service (DOS), cybercrime, cyberattacks are all terms for online threats to business and individuals which have been prevalent on a global basis for some time. But in the urgent alert issued by Prime Minister Scott Morrison on 19 June 2020 that has prompted us to alert our customers to the risk and how Jade Equipment Finance may assist you in dealing with the threat.

In his press conference, the Prime Minister advised of sophisticated cyberattacks which were targeting both government agencies and organisations across a number of sectors. Mr Morrison went on to say that the attacks were ongoing and the frequency and the scale of such attaches was increasing. This alert prompted the Australian Cyber Security Centre to issue its own alert to business on the issue.

This followed reports that a major brewer in Australia had been targeted and its production of beer had been interrupted.

Review Your Business Systems

Consider your own business – what systems, processes, procedures and operations rely on computer controlled systems? Computer, digital and general IT systems are used in far more applications than communications and data storage. For some businesses, their entire manufacturing operations are computer controlled. An attack can leave an entire business essentially, out of business.

The threat extends through many areas of a business from operations through to the risk of reputational damage which can be long-lasting. During the COVID-19 a lot of the workforce moved to a ‘work from home’ situation and at that time, we wrote about addressing your IT and systems security in our blogs.

Now the threat has increased significantly and we urge all our customers to address the security of their IT systems.

How can Jade assist?

Upgrading your systems to mitigate the risk of cyber threats may require the purchase of new systems or the upgrade of your existing systems. This may mean purchasing new hardware or installing an operation-wide system upgrade.

Jade Equipment Finance can assist with cost-effective finance for the purchase of IT equipment and systems. We provide finance for the acquisition of both hardware and software so you can package all your requirements into the one finance deal.

This type of system usually requires specialist installation, commissioning and possibly training of your staff. These types of costs attached to asset acquisition may be included in the one finance deal to better suit your cash flow and streamline your repayments.

The types of finance available for IT investments include:

Deciding which is best suited to your business should involve consulting with your accountant. Keep in mind that the acquisition may be eligible under the Instant Asset Write-Off Scheme.

All our IT equipment finance deals are tailored to suit individual requirements and include:

  • Our cheap interest rate policy, with interest rates fixed for the term of the loan.
  • Fixed loan terms and fixed repayments.
  • Balloon or residual as an option

We welcome enquiries from all sized businesses – sole traders, SMEs and large corporations. Your Jade Equipment Finance consultant will discuss your individual requirements and source a quote, negotiate the best interest rates and best terms with the most appropriate lender from our large number of banks and lenders.

Pre-approved finance service is available. This involves having your loan application processed based on an estimated spend rather than a specific dollar value. This would allow you to proceed with ordering the equipment you require and confidently proceed to finalising your purchase to expedite the installation.

Suggested Action

As a matter of urgency, businesses should consult with their IT consultants as to what steps they should be taking and procedures implemented to check their systems and what new systems need to be installed to mitigate risk.

We refer you to resources provided by the Australian Cyber Security Centre and follow the Advisory 2020 which outlines details of the tactics and techniques used.

The Centre outlines The Essential Eight mitigation strategies that organisations should implement as a baseline. While most of these strategies relate to application controls, adjusting settings, installing patches and other processes, some businesses may find a more significant investment is required.

The threat of cyberattacks is very real and is happening worldwide with great frequency. Not all events ‘make the headlines’ in the way that the June events have, but the risk exists.

Jade Equipment Finance provides support for businesses to address such threats through the provision of cost-effective finance, expediting processes, streamlining services and personalised attention to every detail.

To stay ahead of the risk, we strongly advise you to address your IT operations as a matter of urgency.

To discuss your computer and IT equipment acquisition requirements, contact Jade Equipment Finance 1300 000 003

DISCLAIMER: THIS INFORMATION HAS BEEN PROVIDED AS GENERAL MATERIAL FOR YOUR CONSIDERATION. INFORMATION IN REGARD TO GOVERNMENT POLICIES IS SOURCED FROM OFFICIAL AUSTRALIAN GOVERNMENT SOURCES. NO LIABILITY IS ACCEPTED FOR ERRORS IN PRESENTATION OR IN THE INTERPRETATION OF FACTS OR THE COMMENTARY AND ANALYSIS OF INFORMATION WHICH IS AVAILABLE IN THE PUBLIC DOMAIN. INDIVIDUALS ARE ADVISED TO CONSULT WITH THEIR FINANCIAL ADVISOR OR ACCOUNTANT FOR SPECIFIC ADVICE REGARDING THEIR INDIVIDUAL SITUATION.