If your business undertakes any of the following activities, it is exposed to potential cyber risks and the devastating financial and reputational harm that can often occur as a result.
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Manages a business website
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Conducts business online
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Utilises technology to operate its business - e.g. HR or Accounting Software
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Electronically stores customer or employee personal information
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Outsources business IT management to a third party provider
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Stores business data in the cloud that may cause financial or reputational damage if lost or stolen
A cyber insurance policy is an extremely valuable risk transfer tool for every business. Having cyber insurance cover can help protect your business and minimise any damage or disruption from a cyber-attack.
While technology continues to present new opportunities for many Australian businesses, it also creates cyber risk exposures that your business cannot afford to ignore. Cyber insurance can help protect small and medium businesses (SMEs) from a range of cyber risks, including:
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24/7 access to incident response services following an actual or suspected cyber event
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Ransom payments and access to specialist ransom negotiators (where it is legal for insurers to pay a ransom)
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Loss of profit related to business interruption following a cyber-event
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Costs to repair and restore IT systems and data
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Public relations, legal and credit monitoring expenses
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Insurable regulatory fines and penalties related to a cyber-event
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Cyber-crime cover for events such as social engineering scams and invoice fraud
There is also the option to extend your cyber risk insurance coverage to obtain even further protection around cyber-crime risks, as well as broad property damage, should it be appropriate for your business.