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:
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.
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:
A comprehensive cyber insurance policy will provide coverage against the following:
Cyber insurance does not cover:
To get a quote that provides you with the right cover it's important you speak with a cyber expert who can advise you on the type of Cyber Insurance that is right for you.