What is Cyber Insurance?
Technology has never played such a big role in our businesses. While it delivers significant efficiencies and convenience, it also comes with significant risks. Many business owners don’t fully understand how their business could be attacked. While others think they don’t have a cyber exposure at all, due to their industry or size. The reality is anybody who collects data or uses a computer with the internet is at risk. Something as simple as an employee clicking on the wrong link, sending an email to the wrong person or using a corrupted website could leave your entire system exposed. Have a look at some of the ways cyber criminals are trying to scam you here.
Government estimates suggest cybercrime costs the Australian economy more than $1 billion every year with nearly half of these attacks focused on small and medium sized businesses, simply because of their vulnerability. Of those that are attacked, approximately 60% will close their doors within six months as a direct result of the data breach.
What does Cyber Insurance cover?
There are many types of Cyber Insurance now available. Some of the key inclusions to look for are listed below.
First Party Loss
- Incident response costs
- Business income loss
- Data restoration
- Breach response costs
- Notification costs
- Legal defence costs
- Cyber extortion
- Regulatory fines and penalties
- Payment Card Industry (PCI) fines, penalties and assessments
- Cyber reputational harm
Third Party Loss
- Security and Privacy Liability
Cyber insurance is often quite cost effective and could mean the difference between your business surviving an attack or closing its doors. Talk to us today about how we can help you.