Cyber Attacks and other cyber events are now some of the most common forms of losses faced by businesses.
Most businesses have insurance cover for fire. A cyber attack or event is akin to a digital fire and can have a similar impact to the operations of your business. Cyber attacks and data breaches are growing fast and increasing in severity.
The Australian Government estimates almost 700,000 businesses have experienced a cybercrime. 60% of these attacks were targeted at small to medium size businesses with the average cost of a cybercrime attack costing more than $275,000.
It doesn’t matter what the size of your business is. If you handle customer or transaction data, you run the risk that a data breach could lead to significant costs due to business interruption or others making claims against your business.
Cyber cover can protect you in 4 ways:
- Losses to your business
- Loss to others
- Cyber event response costs
- Contingent business interruption
Cyber insurance can cover you for the following events:
- Privacy protection against third party claims for loss of employee/personal/corporate information
- Lost damaged or destroyed IT systems, IT records and ITdata
- Business interruption caused by a cyber event that affects profits
- Liability arising from hacker attack or virus
- Protection against libel, slander or defamation
- Liability arising from hacker attack or virus
- Infringement of copyright, trademarks & trade names
- Breach of statutory duty from eCommerce Business
- Costs of negotiating, mediating due to an extortion attempt
- Fines and penalties incurred due to a privacy breach as well cover for your defence and investigation costs.