Cyber Liability Insurance is a relatively new form of insurance cover designed to help protect your business from the financial impact of computer hacking or a data breach. It’s now considered a ‘must have’ policy for Australian businesses of all sizes.
Like most other businesses owners, you’ve no doubt taken advantage of the greater efficiencies that technology has allowed. Customer records, employee data, day-to-day operational details and much more are now easily accessible and transferrable digitally. But along with the convenience of the digital age comes a significant risk to your business. If your business has a website or electronic records, you’re vulnerable to cyber hackers. A cyber attack could cost your business more than money. it could also threaten your intellectual property and put customers personal information at risk – which could damage your reputation.
Cyber Protection for your business
Cybercrime is now one of the biggest risks faced by all Australian businesses, regardless of size. Increasingly sophisticated cyber criminals are able to exploit the vulnerabilities of your systems or networks to gain unauthorised access to data; to download malware; or to attack a computer or website causing it overload and stop operating (known as Denial of Service).
For your business this can mean the loss of data and systems, which could cost thousands of dollars to rebuild. On top of that there may be a loss of income associated with your servers or online systems being unavailable.
Managing your risks in a digital age
Unfortunately, many cyber risks fall outside traditional business insurance policies. At Reg Leis Insurance Services, we work closely with you to identify risks and risk management strategies to ensure you have a thorough understanding of your cyber security exposures. We can then arrange comprehensive cyber insurance solutions designed to address business interruption, data security and privacy protection risks.
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