What is Cyber Insurance?
With technology rapidly becoming more and more prominent in business, the amount and severity of cyber attacks is growing each year. It’s important to find an experienced Cyber Insurance Broker to set up the correct covers for your individual circumstances. Cyber attacks are one of the leading risks for businesses in Australia and Symantec has reported companies with less than 500 employees were most likely to be targeted.
Cyber attacks could leave you or your business exposed to costly expenses such as system restoration costs, crisis management costs, hefty fines from regulators and extortion costs. An incident can be as simple as attaching the wrong file to an email or more complicated such as an attack from a hacker resulting in loss of confidential customer information. Cyber insurance is a specialised insurance product, commonly sourced through a Cyber Insurance Broker and is designed to protect businesses against the costs incurred as a result of a cyber attack.
You may be liable for costs incurred by customers and other third parties as a result of a ransomware or other cyber attack.
Recovering or replacing computer systems and lost data can amount in significant costs. Additionally, your business may not be operational during the time your system(s) are down, which could result in further losses.
If a data breach has occured and your business stores customer data, you’ll likely be required to notify customers. This notification process can be quite costly, especially if you have a large number of customers.
Cyber attacks are one of the leading risks for businesses in Australia