Should I Buy Cyber Insurance?
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Did you know that the cost of a cyber incident on Australian small businesses is $9,000 on average?
And what if we told you that 92% of Australian organisations were hit by a phishing attack in 2021?
As a small business owner, you’re particularly vulnerable to cybercrime.
But the good news is that cyber insurance can help you avoid the devastating consequences a cyberattack could have on your company.
Indeed, while you can never guarantee your security won’t ever be breached, you can insure your business and protect it against the astronomical costs of a cyberattack.
So, if you’re wondering how cyber insurance can help you, read on as we highlight three reasons you need cyber insurance.
Your Company Relies On Internet-Based Devices To Operate
If you or your staff work on laptops or computers and use the internet, you’re exposed to cybercriminals.
Now, remember how we mentioned that 92% of Australian organisations were hit by a phishing attack last year? A recent study from Accenture revealed that only 14% of Australian small businesses are prepared to defend themselves against cybercrime such as phishing attacks.
What’s more, research has shown that 92% of Australian small businesses are only encrypting half of their sensitive data stored on the cloud. This naturally highlights the devastating consequences cyberattacks could have on these businesses and the need for contingency planning.
Cyber insurance can cover the costs of cyberattacks and is, therefore, a vital element of an effective risk management strategy.
You Store Your Clients, Suppliers Or Employees’ Personal Information
As a business owner delivering products or services to customers, you probably handle and store personal information like bank details, addresses, or names. And if you work with suppliers and employees, you most likely have their personal information stored on the cloud or on premises.
The issue here is that personal information is a valuable commodity for hackers. And according to the Privacy Act, it’s your responsibility to ensure the data you collect about your clients, employees or suppliers is stored safely and that you have appropriate risk management and data breach response plans in place.
Cyber insurance is a crucial component to any risk management plan looking to mitigate cyber exposure due to personal information handling, as some policies will cover the financial losses your customers or suppliers have experienced due to the incident.
Your Business Wouldn’t Survive A Cyberattack
Half of the businesses hit by cybercrime go bankrupt.
That’s because cyberattacks can cause immense financial pressure on small business owners and affect their reputations.
Some of the costs that can directly derive from a successful cyberattack include:
- Business interruption
- Loss of customer trust and irreversible damage to brand reputation
- Insurance premium increases
- Loss of Intellectual Property
With data breaches costing $3.35 million a year to Australian small businesses, cyberattacks can seriously compromise the financial viability of a business like yours. That’s why cyber insurance should be considered a key asset to your business operations, as it can prevent your company from going bankrupt and help protect your employees, your suppliers and your customers from the highly damaging impact of cybercrime.
Where To Find The Best Cyber Insurance?
While it’s easy to find cyber insurance online, you need to make sure the cyber insurance policy you choose is tailored to your needs as a small business owner. And that’s exactly what we offer our customers at upcover. Because we know how much damage cyberattacks can cause to small businesses, we’ve decided to incorporate Cyber & Privacy Liability insurance into our range and tailor it to small businesses' needs. Check it out for yourself today!