Mills Insurance Solutions Pty Ltd

I think EV's may eventually be killed off by the insurance industry if they can't stop the fire exposure from the batteries.

This article is worth reading:

How safe are lithium-ion batteries? Lithium-ion batteries are in many everyday devices – but if they catch fire it can have disastrous consequences. Find out how you can reduce the risk of a fire.

With IINET's decision to cease providing their Hosted Exchange platform for emails, I'm sure like us, that a lot of clients have decided to opt for the Microsoft 365 Option for the email accounts.

Interesting email this morning telling us that our password had expired and needed to be changed.

Microsoft Logo was spot on, but the email address it came from wasn't.

Another example of phishing and scamming.

Please be vigilant clients, there are too many of these coming through and just one click could be devastating.

A good Cyber insurance policy can assist to put things right, but it won't help with the stress of on these events.

Cyber attacks are like getting the Flu - Prevention is always better than the cure.

In June last year we provided an update about Cyber Liability Insurance and the need for Multi Factor Authenication processes.
That same insurer has now advised that as of 15 April 2022, any client without Multi Factor Authentication and Email Filtering Processes will be denied coverage for Ransomware attacks.
This is one of the largest providers of Cyber insurance cover in Australia and it will flow to the other insurers.
Please look at your Cyber security and take steps to protect yourselves.

This article gives more information.

https://www.insurancebusinessmag.com/au/news/cyber/online-scams-report-australian-cybercrime-on-the-rise-in-2022-401470.aspx?utm_source=GA&e=bGVzQGFwb2xsb3Jpc2suY29tLmF1&utm_medium=20220405&utm_campaign=IBW-MorningBriefing-20220406&utm_content=6B84BD02-065F-4998-8BD0-6E8C14380431&tu=6B84BD02-065F-4998-8BD0-6E8C14380431

Online scams report: Australian cybercrime on the rise in 2022 Report identifies most vulnerable sector

A nice mile stone this year for me and one of my clients.

We have just celebrated 21 years of doing business together.

Relationships in business matter and I'm blessed to have many clients with whom I've had long term relationships.

Thanks to all of my clients for your support over the years.

Nearly 50,000 claims have so far been lodged from the NSW and QLD Floods and there is likely to be more to come.

Insurers that we deal with have provided specific disaster codes to insurance brokers to assist with getting claims categorised accurately and moving forward as soon as possible.

Whilst it isn't easy to be patient, we do ask all effected people to be patient with insurers and assessors, this is going to be a mammoth job to deal with all of the claims.

One of the major providers of Cyber Liability Insurance has just advised that as of the 11th of June, they will be seeking confirmation of clients Multi Factor Authentication processes if clients want the highest levewl of Ransomware coverage.

As per their announcement;

This decision comes as a result of the dramatic increase of Ransomware claims currently being experienced by Cyber Insurers. The following are current statistics which demonstrate the need for the insurer to ensure Insureds have appropriate MFA procedures in place:
• It was reported in November 2020 that over 60% of Australian organisations suffered a ransomware attack in the previous 12 months — 10% higher than the global average*
• Ransomware gangs are now not only encrypting and restricting access to data, but also resorting to extortion by threatening to steal and either expose or sell confidential information on the dark web**
• Ransomware attacks in Australia cost businesses and the public sector up to $241 million in 2019***
• Asia Pacific (APAC) organisations currently experience the highest volume of ransomware attacks globally****
* Newsdesk, Rate of ransomware attacks in Australia well above global average — report, Security Brief, 20 November 2020
** Lily Hay Newman, Apple's Ransomware Mess Is the Future of Online Extortion, WIRED, 23 April 2021
*** Emsisoft Malware Lab, The Cost of ransomware in 2020, Emsisoft Blog, 11 February 2020
**** Shannon Williams, Ransomware attacks surge in 2021 - Triple Extortion threat comes to light, Security Brief, 14 May 2021