CYBER INSURANCE
Every business that has a website or electronic records is vulnerable to cybercrime 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. You could also be liable for the costs of reporting the breach, legal claims, and remediating any losses suffered by your customers or clients.
Remember, 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. Package your cyber insurance as part of your business insurance policy.
“The scale and reach of malicious cyber activity
affecting Australian public and private sector
organisations and individuals is unprecendented. The rate of compromise is increasing and the methods used by malicious actors are rapidly evolving.”
CYBER INSURANCE CAN HELP COVER FINANCIAL LOSSES TO YOUR BUSINESS FOLLOWING A CYBER SECURITY BREACH. THIS MIGHT INCLUDE COSTS ASSOCIATED WITH:
â–º Loss of revenue due to interrupted business
â–º Hiring negotiators and paying ransom
â–º Recovering or replacing your records or data
â–º Liability and loss of third party data
â–º Defence of legal claims
â–º Investigation by a government regulator
â–º Copyright infringement
â–º Misuse of intellectual property online
â–º Crisis management and monitoring
â–º Prevention of further attacks
22%
Among small to medium sized businesses that have experienced
a successful infiltration of the corporate network by ransomware,
22% reported that they had to cease business operations
immediately.
177,519
There were 177,519 scams
reported in 2018 with 9.9%
having a financial loss of
$107,032,111.
58%
58% of victims of data
breaches are categorised as
small businesses.