Cyber Crime poses a significant threat for today’s business owner. With the ever increasing intelligence of hackers and sophistication of malware programs, it seems that no business is immune against the threat of a Cyber Attack.
Take control of your risk.
The Australian Cyber Security Centre (ACSC) released its first ever public national cyber threat report in 2015 exposing just how rampant and dangerous cyber risk is for Australian businesses.
ACSC’s report revealed a 20% increase in cybercrime over the last 12 months. This unsettling statistic highlights the fact that Australia “ranks as one of the most hacked countries in the world".
Pat Gelsinger, CEO of US software and cloud computing company VMware stressed that “the damage inflicted by a security lapse can be crippling and is a tangible business risk that senior management and boards need to be across”.
Data is a critical asset to any business, and if your business is connected to the internet in ANY way, the cyber risk exposure to your data assets is very real.
Whether you are a small or large business, cyber risks are not just an “IT issue”. Cyber-attacks can affect the entirety of a business, and currently this reality is woefully misunderstood or ignored by many.
A network security compromise is extremely costly and can lead to:
- Financial losses
- Reputational damage
- Loss of intellectual property
- Disruption to business
- Statutory Fines and Penalties
Although you cannot guarantee that your business will not be the victim of a cyber-attack, what you can do, is protect yourself against the consequences with a Cyber Insurance policy.
Traditional policies such as Business Insurance and Public Liability Insurance do not cover cyber-attacks. Consequently, insurers have developed Cyber Liability Insurance.
Key benefits of Cyber and Privacy Liability Insurance:
- Financial compensation to recoup costs that result from a security breach – including regulatory fines which can amount to $1.7 million.
- Cover for legal representation and costs that incorporate forensic and legal counsel.
- Compensation for clients and customers who suffer financially or emotionally as a result of stolen data.
- Cover for professional consultants to assist in repairing damage to your company’s brand and reputation.
Cyber insurance needs to be a key consideration for any business when analysing their risk management strategy. Take control of your risk exposures and shield your business from the significant consequences associated with cybercrime.
Contact our team of Cyber Insurance specialists for a tailored solution to protect your business. P | 1300 424 627 E | email@example.com
Read the full ACSC report here.
This article is not intended to be advice and you should not rely on it as a substitute for any form of advice. Please contact Whitbread Associates Pty Ltd ABN 69 005 490 228 Licence Number: 229092 trading as Whitbread Insurance Brokers for further information or refer to our website.