Cyber protection insurance is relatively new from of cover. It’s designed to help protect your business from the financial impact of computer hacking or a data breach.
There were 177,519 scams reported in 2018 with 9.9% having a financial loss of $107,032,111.
(Scamwatch statistics, Australia Competition & Consumer Commission, 2018)
58% of victims of data breaches are categorised as small business.
(Summary Findings Verizon 2018 Data Breach Investigations Report, 2018)
Among small to medium sized businesses that have experienced a successful infiltration of the corporate network by ransomware, 22% reported that they had to cease business operations immediately (identical to the global average), and 18 percent lost revenue (higher than the global average).
(Second Annual State of Ransomware Report: Survey Results foe Australia, Osterman Research, 2017)
In February 2017, the Senate passed the Privacy Amendment (Notifiable Data Breaches) Bill 2016 – setting up a mandatory nationwide data breach notification scheme. This means if you spot a security breach which may cause unauthorised access or disclosure of personal information, you’re legally required to report it to the Office of the Australian Commissioner within 30 days. You’ll also need to notify the people whose information has bee affected.
If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, it’s like that your business will suffer a cyber attack at some stage.
A cyber attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk, which could damage your reputation.
Covers financial loss you may suffer as a result of a cyber attack
The costs of a cyber attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats
The costs of recovering or replacing your records and other business data
Damages to your reputation resulting from data breaches, such as loss of third party data held on your system
Funds the legal costs of defending claims
Covers legal expenses and the costs of fines arsing from investigation by a government regulator
The costs of copyright infringement, defamation claims and misuse of certain types of intellectual property online
Provides cover for the costs of managing a crisis caused by cyber hackers
The costs of notifying customers of a security breach, and monitoring their credit card details to prevent further attacks
T: +61 3 853826 99 / 8538 2688
F: +61 3 8538 2600
374 Lygon Street
Brunswick East, VIC 3057, Australia