Does Cyber Insurance Cover Ransom Payments?
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If you’re operating online and are using internet-based devices, you’re exposed to cyberattacks.
While many small business owners think hackers aren’t interested in small companies, the truth is that almost half of the cyber attacks in Australia target small to medium-sized businesses.
Ransomware, in particular, heavily affects small businesses, with 41% having endured a ransomware attack at least once in the past.
In this blog, we’ll explain what a ransomware attack is before deep-diving into what a cyber insurance policy entails.
What Is Ransomware?
Ransomware is a type of malicious malware that encrypts data and denies you access to your important information. Victims of cyber attacks are then asked to pay a ransom to regain access to their data.
While most ransomware will encrypt your data so that you can no longer use it, some will even completely block your computer or device. Cybercriminals usually spread the malicious software through malicious websites, fake email attachments, fake links on social media apps, or downloadable applications.
Once you click the link or visit the website, your device will be infected, and you’ll lose access to your files and control over your device.
Ransomware attacks shouldn’t be underestimated. As mentioned previously, they impact many small businesses and cost Australian SMEs, on average, between $30,000 and $70,000, with one particular company even having to pay $750,000 to get its access back!
What Is Cyber Insurance, And What Does It Include?
Cyber insurance protects your business against cybercrime and ensures your business isn’t harmed in the long run by a successful cyberattack.
Cyber insurance typically covers businesses for forensic investigators, crisis managers, and public relations professionals when reputational damage has been done.
It can also cover new computer hardware and ransom payments.
What’s more, some policies will pay for any liability your business is exposed to due to a data breach and the legal costs involved. Also, the law requires you to contact every customer whose data is impacted by the breach, and insurance can help you with the cost of notifying them all and the loss of revenue associated with the reputational damage.
How To Find The Best Cyber Insurance Policy For Small Businesses?
You’ve worked hard to get your business to where it is today. Unfortunately, one successful cyberattack could significantly harm your company financially and cause irreversible reputational damage. Cybercriminals are developing increasingly sophisticated techniques, and firewalls aren’t always enough to prevent criminals from hacking your devices.
That’s why investing in the right cyber insurance is key to any effective risk mitigation strategy.
At upcover, we’ve launched a Cyber & Privacy Liability Insurance designed to protect small business owners like you against cybercrime. Our policy includes cyber extortion, cyber incident response, cybercrime, data, and application restoration costs, and financial support with the costs of business interruption resulting from a cyber incident.
Don't hesitate to get in touch to learn more about our Cyber & Privacy Liability Insurance.