What is Cyber Insurance?
Gaining unauthorized access to data has become seemingly unavoidable. The worldwide interconnected digital technology better known as "Cyberspace" enables businesses and people to interact, converse and connect in a considerable number of ways. While these forms of communication have gradually increased and have become faster, the cyberspace is not without risks.
Cyber Insurance Cover for your BusinessCyber Insurance is not only a necessity for big online businesses holding vast amounts of personal data but also small-scale website owners who can have similar legal responsibilities. Many Australian companies are obligated contractually to acquire cyber insurance to protect against third-party costs. Almost all businesses today are dependent on their crucial data, and face possible losses through remuneration, fees, or business interruption should their data go to the public domain. Any business operating in today's technology risks viable exposure from external and internal emails; websites giving out company information, products and services; as well as the increased risk of internet commerce also known as "e-commerce." Now in Australia, recent changes in legislation mean that it is more significant than ever to think about getting a cyber insurance policy.
Cyber risk insurance generally has two primary components:
- First-Party Cyber Cover
- Third-Party Cyber Cover
- IT Forensic Costs
- Public Relation Expenses
- Retrieval of Data Costs from a Damaged System
- Cyber Extortion Expenses
- Cyber Insurance Experts
- Hardware & Software
- Business interruption from the cyber attack
If your system, online access, emails or operating system was attacked and shut down today could you still trade and pay the costs to get back on your feet?
If the answer is NO, you need to insure for that!For more details regarding Cyber Insurance and how it can protect your business online and offline contact us to arrange a schedule to talk to one of our experts.
Protect your business with Cyber InsuranceARMA Insurance Brokers are dedicated licensed brokers who will help make your decisions easier and will help you choose the most comprehensive cyber insurance policy for your business. As long as you utilize the internet, the probability of your data getting hacked gets gradually higher. It is only a matter of time.
Get that Cyber Insurance policy now.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Amanda Morris.