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Cyber Insurance in Australia

May 24, 2018
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Cyber insurance in Australia is a necessary purchase these days, with news of even more businesses getting hacked on a daily basis. When a business buys a computer or mobile device, the goal is to make life easier. That's why it makes sense to insure that device and the data it contains with cyber insurance. As Internet technology and usage grows even more across the country, so will the need for cyber insurance. In fact, the Australian Government's Business.gov.au website reports an even greater need for this protection now more than ever before.

Cybercrime on the Rise in Australia

As Australian businesses depend more on online access for everyday tasks, criminals, unfortunately, have taken notice. Cybercrime has risen to new heights as hackers attempt to steal personal and financial information through security breaches and ransomware. For that reason, many Australians have opted to purchase cyber insurance. Precautions such as updating and strengthening passwords, updating security software frequently, and buying data backup systems are definitely useful. But these steps may not be enough to fend off the most sophisticated cyber attacks. That's why cyber insurance has become an essential way to better protect your business against the loss of data, equipment, and software.

Cyber Insurance Protects Against Potential Loss Due to Cybercrime

Investing in cyber insurance will give you peace of mind when it comes to protecting your business. Australian industry experts caution businesses that protecting customer data is well worth the investment. They need to protect themselves from the catastrophic loss that would occur should they lose all their data‚Äîor lose the funds in their bank account to a cyberthief.

Companies Should Consider Cyber Insurance

To cover the costs of customer notification: Since businesses must now notify their customers when a data breach occurs, they need to look at the sheer costs involved in notifying their customers, let alone recover from the loss. Cyber insurance can recoup those costs and help the company get back on its feet.
To cover financial loss: A loss of data can translate to hours and dollars recovering the information. If the company's bank accounts also were breached, money may be gone as well. A cyber insurance policy can protect a company against such profound losses.
To cover liability: What happens when a customer suffers such a loss that they feel the need to bring a lawsuit against the company? It pays to have an insurance policy that can cover any damages the Court awards to customers affected by the breach.

Small Businesses, Too, Need Cyber Insurance

Australian small business owners, too, should think long and hard before they overlook the idea of cyber insurance. After all, more than 70 percent of businesses who become victims of cyber theft are small businesses. The time is now for companies to find the best cyber insurance in Australia for their protection. Do some research to find what type of coverage is necessary and then connect with an insurance broker who is an expert in cyber insurance. With such a broker by your side, you will receive the guidance you need to ensure you have the cyber insurance coverage you need. Advisr.com.au connects you with insurance brokers you can trust that can handle your specific cyber insurance needs. Find a cyber insurance you can trust on Advisr.com.au today.

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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 appropriate 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.

All information above has been provided by the author.

Andy Jamieson, ABN 17 613 588 266