Hackers. These are not just dodgy movie characters but real-life people, doing real damage to businesses across the globe, including Australia. If you are thinking your small business is of no interest to these criminals, think again. Every business with an online presence is at risk of a cyber-attack and with cyber-crime claiming 6 million victims in 2018 it might be time to bite the bullet and get the right cover for your business.
Cyber insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim are also covered.
Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber-crime, cyber extortion/ransomware and business interruption due to a cyber event.
In a nutshell, your customer data is sacred. If you don’t protect it properly, your business may be fed to the wolves.
If you’re still not convinced your business may be at risk, here are the cold hard facts about doing business in today’s technically advanced world:
With the policies available through Momentum Insurance Brokers, you can choose coverage amounts between $50,000 to $2 million
Sit back for a minute and think about this….it might be the first time you have considered the impact on your business if your website was taken offline? Could your business survive the reputation damage, and the losses associated with a data breach?
You should consider what your business requires including by reference to:
Hackers are alive and well and get a thrill out of making business owners sweat. Cyber Liability Insurance can reduce your risks and help you rest easy knowing your business is covered from even the craftiest of criminals.
Here are is an example:
The cost of lost data
An insured accountant had an employee who accidentally misplaced a company laptop that contained a list of 1000 client tax records and credit card details. A policy payment totaling $250,000 was made to cover the costs involved with notifying the affected individuals and the Privacy Commissioner of the data breach. The cost of hiring a Public Relations firm to assist the insured with re-building their business reputation was also included.