CYBER CRIME CURRENTLY COSTS AUSTRALIAN BUSINESSES AROUND $4.5 BILLION ANNUALLY IN CASH AND PRODUCTIVITY LOSSES
As businesses rely more on technology, there are a growing number of cyber-attacks every year. That’s where cyber insurance comes in – to help protect small business owners against online risks, such as computer hacking, ransomware or data theft.
Who should consider it?
Every business that has a website or electronic records is vulnerable to cybercrime/hacking or an accidental data breach – and the consequences of a cyber-incident can be very costly.
Depending on the situation, you may be up for the cost of ransoms or IT solutions to unlock and repair your systems and remediating any losses suffered by your customers or clients.
A cyber attack or data breach, may cost your business more than just money. It could threaten your intellectual property, put your customers’ personal information at risk and cause major damage to the reputation of your company.
What can Cyber Insurance cover?
Cyber insurance can help cover financial losses to your business, your customers and other parties following a cyber security breach for such things as:
- Cyber Extortion / Denial of Service
- Web App attacks
- Miscellaneous errors
- Loss of revenue due to interruption to your business
- Fund transfer to unauthorised Bank accounts
- Damage to your IT infrastructure
- Unauthorised access to your telephone system
- Payment card skimming
- Hiring negotiators and paying ransom
- Recovering or replacing your records or data
- Liability and loss of third party data
- Crisis management and monitoring
- Prevention of further attacks
Remember, it is not just the organised crime gangs that create a threat to your business, last year 6 out of the world’s top 10 cyber breaches came from staff due to such things as losing a laptop, misplacing back-up tapes, rogue employees etc.