Our cyber security insurance expert, Amanda Croasdale from Ace Insurance Advisors, has provided valuable guidance for small business owners. It is imperative businesses are well educated on cyber security in order to protect their business.
WHAT TYPES OF BUSINESS NEED CYBER INSURANCE?
In today’s digital age, the threat of cybercrime is expanding, making Cyber Insurance a crucial consideration for businesses. This insurance covers the business for financial losses resulting from cyber-attacks or cyber-crime, as well as legal liability due to due to loss of customers personal data or confidential business data, along with investigations or fines from regulators.
Traditionally, businesses with a heavy reliance on technology, like IT companies, universities, medical centers, and e-commerce platforms, were prime candidates, as they held substantial amounts of sensitive data, making them prime targets for blackmail and extortion.
However, the paradigm has shifted. With the increasing digitalisation of businesses, any business can be a target. Cyber-criminals are targeting small businesses especially, as they are easy targets. Whether you’re a builder, physio, florist or manufacturer, your anti-virus software and firewalls can be out of date and other security measures may not be defense enough against a cyber-criminal.
Ultimately, in the current digital environment, any business that collects, handles, or stores data – whether a multinational corporation or a small local shop – should consider the protection offered by cyber insurance.
Although data may be backed-up in the cloud, IT systems can be made to lock out users until a ransom is paid or money can be stolen (social engineering claims).
Investing in this cover is an easy way to safeguard you and your customers against potentially devastating financial costs and cyber-related legal liability.
WHY YOU NEED CYBER PROTECTION INSURANCE
It’s not a question of IF but WHEN. Australian businesses are subject to ongoing cyber strikes, with the most recent occurring in June 2020 to Government sites and shock horror to XXXX’s beer supplies.
If you rely upon IT infrastructure and or internet to make your business tick, you cannot afford to dismiss Cyber insurance protection.
It does not matter what size your business is. Cyber criminals will target anyone they feel they can profit from or cause disruption to. In most cases the smaller the business the greater the chance that proper Cyber security is not installed or current and these are seen as easy targets.
Cyber insurance typically provides cover for the following events:
- Ransomware/Phishing Attacks
- Cyber Extortion
- Denial of Service (DDOS)
- Point-of-Sale Intrusions
- Malicious Tampering (Malware)
- Business Interruption and Continuity costs
- Liability arising from extraction of private data
Claims Examples
- An employee opens a malicious email that released a trojan program/malware. Cyber Criminals locked the system and requested a $15,000 ransom to release the data.
- The business website was hacked where Cyber Criminals obtained access to payment gateways where client payments were being siphoned to a third-party bank account. Over $200,000 of customer funds were lost before the client became aware.
Insurance Advisernet works with a large range of Cyber Protection Insurers that are capable of protecting your needs.
Most Insurers also have a 24/7 hotline so you can report a Cyber incident and obtain immediate assistance to SAVE YOUR BUSINESS.
For advice you can trust contact Amanda Croasdale for an obligation free review of your Cyber Protection insurance needs on 0415 105 671 or email acroasdale@iaa.net.au.
Cyber Protection Coverage is affordable and easy to obtain.
Why put your business at risk? Get a Cyber Protection quote today.
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