With the increasing severity and frequency of breaches, the need for cyber insurance is growing.
It doesn’t matter what the size of your business is. Handling customer or transaction data, you run the risk that a data breach could give rise to a material financial cost to your business or significant costs relating to third party claims.
Every day, virtually all companies in Australia handle electronic data containing sensitive information about their clients as well as corporate information about their own company. All are faced with real liabilities if data falls into the wrong hands or enters the public domain accidently or fraudulently.
Cyber crime has many faces and is the growing scourge of commerce worldwide. From hackers who seize and hold your data for ransom to denial of service attacks; inadvertent or negligent breaches of client data; websites not being accessible, leading to loss of reputation… the outcomes of a cyber security incident can have a significant impact on the finances and reputation of a business.
5 COMMON MISCONCEPTIONS ABOUT CYBER RISKS
I don’t hold valuable data
Valuable data isn’t limited to intellectual property. It can be as simple as your employees’, suppliers’, and even your own personal details such as full name, date of birth, drivers licence number, Tax File Numbers and bank account details.
I don’t transact online
An Insured’s business may not have a website however most business use a computer, a local network, or a server to hold electronic files and records.
Our data is safe in the Cloud
Did you know that an Insured is legally responsible for the information that is stored in their cloud, even if a hacker accesses the could via a third party?
Our IT employee / IT consultant will take care of it
Does your IT employee or IT consultant work 24/7? A Cyber Liability and Privacy Protection Policy offers 24/7 emergency incident response services.
Our IT system cannot be breached
No system can be 100% safe.
Cyber Attack Insurance. What can be Covered?
Cyber Risk cover can protect you for claims arising from your use of the Internet, email, intranet, extranet or your website. Cover includes but is not limited to:
Breach of privacy
Damage to your network or website
Transmission of a virus
Third Party Liability
The Builders Insurance Brokers can provide all the information you need and help you implement the right Cyber Risk protection strategy for your business.
For a quotation or more information about Cyber Insurance, please fill in online Free Cyber Insurance review request form or contact one of our friendly team on 1300 769 455.