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Cyber Security

May 31, 2018
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Business Insurance Cyber Insurance

Cyber Security and Your Business

The Australian Cyber Security Centre reports that hackers are not about to give up their attempts to breach cyber security protocols to target businesses within Australia. The money and power available through cyber attacks are just too alluring for those who are willing to risk breaking the law for the love of money. Cyber attacks are why business owners need to make it a priority to learn more about cyber security. While the Government does its best to partner with industry to stop threats in their tracks, businesses need to be vigilant while online.

Preventative Measures Needed to Shore up Cyber Security

Without preventative measures, a business's computer system may be vulnerable to those who would like to commit a cyber attack, such as hacking or holding its files for ransom.

That's why businesses must back up files frequently to off-site storage, a separate hard drive, or to the cloud. Make sure that your systems, devices, and account passwords are strong and frequently updated. Even better, confirm that the security system is updated often.

Without adequate cyber security, not only is equipment at risk but also your business finances. Cyber thieves can steal a person's identity and make off with his or her money. The havoc they wreak with a business's data and equipment can cause a drop in productivity as well as a lessening of customer trust. In the end, a cyber security failure can lead to a loss of customers.

A Safety Net Needed in Case of Cyber Security Failure

Even the most carefully crafted plans are sometimes not enough when it comes to cyber security. With hackers becoming more proficient by the day, there may come a time when they break into your system. That is why your business should consider cyber security insurance.

Cyber Security Insurance

As a standalone policy, cyber security insurance can help businesses recover from the data loss that results from security breaches. Some cyber security insurance policies even cover other online disasters such as massive outages which cause a major interruption in service.

Cyber Security Insurance for Small Business

Most small businesses think these types of problems will never happen to them. After all, they are only a small business and presume that hackers have more important things to do than to harass a small business. As countless small business already know, that would be a false assumption. It is not only large businesses that fall victim to hackers' ploys. Other, more minor players do target small businesses. In fact, research shows that more than 70 percent of cyberattack victims are small businesses.

Management Liability Insurance

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

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Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

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Business Package

Purchase up to six products under one Business Insurance Package.

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Are you prepared to handle these sorts of attacks?

What Type of Cyber Security Insurance Policy Does a Business Need?

Usually, a business needs some sort of first-party coverage. It will protect a company against losses from events such as:

Lost opportunities to do business
Damaged data, software, or other digital assets
Increased operational costs due to the incident
Ransom demands for compromised data
Financial loss from cybertheft

If a company manages a network or system that holds others' data, the company may want to consider third-party coverage as well. This kind of coverage can protect the company from costs incurred from:

Employee-caused security breaches
Lost or stolen customer data
Notifying all your customers about a security breach

Other types of insurance coverage, depending on the policy, may provide additional compensation. This includes violations of intellectual property rights, damaged reputations, and defamation.

Not all business insurance policies cover every aspect of cyber security. It is up to the company's manager, then, to read over the policy carefully. Asking an expert insurance broker with experience in cyber security can help you understand the complexities of different policies. Naturally, this significant responsibility requires that companies find an insurance broker they can trust. For that, Advisr can help. At Advisr, you can find the most qualified insurance brokers for your specific needs. From there, you can connect directly with the insurance broker of your choice. Don't know who to trust for cyber security insurance? Find a trustworthy insurance broker on Advisr today

cyber security

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