Is Cyber Insurance Worth It For A Small Business?
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Did you know that a cybercrime is reported every eight minutes in Australia?
And even more alarming, over 50% of small businesses hit by a cyberattack go out of business!
Cybercrime is on the rise across the world and unfortunately Australia is not immune to the trend. So much so that some experts are estimating the cost to the Australian economy to over $42 billion annually!
Now, as a small business owner you might feel like you’re not a target for cybercriminals. Yet, 43% of cyberattacks in Australia target small businesses. The average cost of a data breach for Australian businesses sits at a staggering $3.35 million.
Along with taking protective cyber security measures, one of the best ways to protect your business against potential bankruptcy is cyber insurance.
In this post, we’ll explain in detail what cyber insurance is and highlight three benefits of cyber insurance for small businesses.
What Is Cyber Insurance?
A cyber insurance policy (also known as cyber liability insurance) is designed to cover your business’s liability in the event of a data breach involving sensitive customer or supplier information. Cyber insurance policies also protect businesses from disruptions incurred by any type of cyber threats or cyberattacks.
Cyber insurance is a key asset for your business because it can help mitigate the damage that cyberattacks can have on your business. Insurance providers offering cyber liability insurance will help you respond to a cybercrime in the most efficient way. They’ll also assist you in recovering from a cyberattack and help prevent any further issues.
What Does Cyber Insurance Usually Cover?
Businesses attacked by cybercriminals are often overwhelmed and don’t know where to start to recover from the attack. A cyber insurance policy will usually include access to a 24/7 emergency response team trained to guide you and help you navigate this challenging situation.
Depending on the terms and conditions of your cyber insurance, your insurance provider will pay for the financial losses incurred by the cyberattack.
Some other things your cyber insurance might cover include:
- Hiring negotiators
- Paying ransoms
- Replacing your data, IT systems and records
- Liability and loss of third-party data
- Any legal fees to due third-party legal claims
- Prevention of future attacks
- Misuse of intellectual property online
- Copyright infringement
Should You Buy Cyber Insurance?
As a business owner, you’ve worked hard to get your business to where it is today. Yet, years of hard work could be destroyed by a cybercriminal in a few minutes.
With the world going digital and cyberattacks becoming more sophisticated, you need to protect your business by assessing your risks, training your staff and improving your internal policies. But unfortunately, that’s not always enough. If you’re serious about making your cyber security fool proof, you also need cyber security insurance.
And because we know how much damage cyberattacks can cause to small businesses, we’ve decided to incorporate Cyber & Privacy Liability insurance into our range.