In today’s world businesses are relying more and more on technology. As a result incidences of cyber attacks are also increasing, thereby making Cyber Insurance even more important. Recent statistics show that around three in five Australian companies experience a cyber security breach each month.
Cyber insurance has been specifically designed to protect small businesses against these types of attacks. From computer hacking to ransomware or data theft.
Who needs it?
Any business that has a website or electronic records is susceptible to a cyber attack or an accidental data breach. To rectify these can be a very costly exercise.
Cyber attacks and data breaches are not just limited to monetary values. They have the potential to threaten your intellectual property, your customers’ personal information, as well as the reputation of your company.
What does it cover?
Cyber insurance can help cover financial losses to your business, your customers and other parties following a breach.
This might include costs associated with:
- Loss of revenue due to interrupted business;
- Hiring negotiators and paying ransom;
- Recovering or replacing your records or data;
- Liability and loss of third party data;
- Defence of legal claims;
- Investigation by a government regulator;
- Copyright infringement;
- Misuse of intellectual property online;
- Crisis management and monitoring;
- Prevention of further attacks.
What is excluded?
As with any policy there are exclusions. Check with us to further investigate excesses and limits on cover.