Cyber Insurance is not an option - it is a must for all business. Protect your business from the major financial consequences that a cyber attack can cause.
Crucial Insurance is an Award-Winning Cyber Insurance Specialist
What is Cyber Insurance?
Cyber Insurance is protection for a digital age. As the industry has transitioned from the industrial to the digital age so has the risk to a business. In today's business world, all businesses use a digital network, whether it's to trade online, store company documents or process payroll. Emerging risks from a digital world include sophisticated cyber theft attacks which involve businesses being defrauded and unknowingly transferring money to cyber criminals.
There is also an increasing amount of regulation which makes companies legally responsible for how they manage data and the personal and company records that are stored electronically.
A Cyber Insurance policy is designed to protect your business from a breach of your digital network and the resultant financial loss which can extend to:
Who needs Cyber Risk Insurance?
Every business needs a form of cyber insurance protection. Whether your business is online, industrial or a professional services business - all organisations will have a digital network of some description.
A digital exposure can be as simple as employee records being held on your work computer. In the event any personal records are exposed you are obliged to notify the affected individuals.
The biggest digital threat to SME businesses today are phishing scams which encourage users to click on a link which leads to your digital network being encrypted. The cyber criminal will then demand a ransom for the key to unencrypt your data. This type of event is the single biggest cause of claims for Cyber Insurance in Australia.
Traditional insurance policies such as Fire, Theft, Business Pack policies and the like specifically exclude claims that arise from a data breach including ransomware. A comprehensive cyber insurance policy protects your business from the financial fallout of a cyber attack on your business.
What is covered with Cyber Insurance?
Cyber Insurance covers your business against the financial losses which can hit your business following a cyber attack.
The types of attack which can be covered include a cyber event such as:
What's not covered with Cyber Insurance?
Cyber insurance does not cover:
A comprehensive Cyber Insurance policy will provide coverage against the following:
Why it's important to have the right Cyber Insurance policies in place
Cyber Insurance is becoming increasingly important for businesses of all sizes as the risk of cyber attacks and data breaches continues to grow. Here are a few reasons why you may need Cyber Insurance:
- 1. Cyber attacks are becoming more common and sophisticated. Hackers are constantly developing new methods to gain access to sensitive data and even small businesses are at risk. Cyber Insurance is a cost-effective safeguard against the potential monumental costs of a cyber attack.
- 2. Cyber Insurance can help with the costs associated with restoring your reputation. A data breach can have an instant, long lasting negative impact on your business. Cyber Insurance can help cover the significant costs associated with restoring your reputation in the market.
- 3. Cyber Insurance can help businesses recover from a data breach. If a business suffers a data breach, Cyber Insurance can help cover the cost of restoring the business's systems and data.
- Additionally, Cyber Insurance can cover the costs required to hire cyber security experts and consultants.
- 4. The costs of a data breach can be damaging to your business without Cyber Insurance. In addition to the cost of investigations and cleanup, businesses may also face legal fees and costs associated with notifying affected customers. The right Cyber Insurance cover can help you be prepared for such costs.
- 5. You may be held liable for data breaches. If a business suffers a data breach and sensitive information is stolen, your business may be held liable for any resulting financial losses experienced by customers. Cyber Insurance can be used to counter these costs.
- 6. Cyber Insurance can help cover the legal ramifications of data breaches. In Australia, businesses are subject to the Privacy Act 1988, which requires organisations to take reasonable steps to protect personal information they collect, use and disclose. Having the right Cyber Insurance policy in place (combined with the right advisors) can ensure you meet the requirements of these regulations and avoid costly fines.
Cyber Insurance can help protect you from the financial and reputational harm that can result from a cyber attack. It also provides a peace of mind for your company and employees.
Why Clients Choose Crucial Insurance for their Cyber Insurance Needs
When it comes to cyber risk, the future of your company and personal assets are at stake. In an increasingly digitised world, repeated news headlines highlight the importance of having the right cyber specialists. An incorrectly applied and maintained Cyber Insurance policy can mean the difference between thriving as a business, or rapid demise.
As multi-award-winning business insurance brokers, we have experience in working with companies with a diverse range of Cyber Insurance needs.
We are also an AFSL licensed insurance broker. This means we are regularly audited to ensure that we offer an exceptional level of service and integrity.
Cyber Insurance
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