Do you have protection for your cyber risks? The reality is that all companies, large or small are targets for cyber criminals. Many businesses operate under the belief that their existing insurance policies are enough to cover their data security and privacy exposures. This is not the case.
Australian insurance companies however are at the forefront in making good the damage of cyber attacks. Although stopping the hackers and other criminals in their tracks is not within
their capability, they are able to provide the next best thing… picking up the financial pieces of damaged businesses following a cyber attack event.
Cyber attack insurance
Cyber-attacks or data breaches can take many forms, from deliberate attacks to technology issues or simple negligence. As modern business is reliant on computer systems and networks, a breach of data or a shut-down of service can have a major impact on your business with many small businesses unable to operate afterwards.
Cyber Insurance – What can be covered?
Small businesses are particularly vulnerable to cyber-attacks of all kinds and it can be very costly. Aside from the cost of notifying your customers, you may also face costs for PR, credit monitoring, investigations response and compliance related activity, compensation for affected customers and engaging experts. Most of these costs aren’t covered by normal business insurance, which is why it is important to speak to your insurance broker to make sure you are covered in case of a breach or attack.
Cyber attack insurance can protect you from claims arising from your use of the Internet, email, intranet, extranet or your website. Cover can include but is not limited to:
- Breach of privacy
- Damage to your network or website
- Transmission of a virus
- Third Party Liability
- Cyber Extortion
For more information on Cyber Insurance https://knowrisk.com.au/insight/articles/cyber-insurance-for-small-businesses
Contact Us for more information on a cyber risk protection strategy for your business.