What Are The Benefits Of Getting Cyber Insurance?
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Have you ever been the victim of a cyberattack?
Or perhaps you know another small business owner who has?
After all, 43% of cyberattacks in Australia target small businesses!
What’s more, cyber incidents are on the rise in the country with an increase of 13% during the 2020-2021 financial year compared to the previous year.
And unfortunately, according to cyber security experts, despite the rise of cyberattacks, small businesses are still ill prepared. In fact, 90% of cyber incidents are due to human error and only 14% of businesses are prepared to defend themselves.
Not being prepared can be extremely costly as it can cause disruptions to your business activities and lead to a loss of revenue and possible litigation.
However, cyber insurance can help mitigate the devastating consequences a cyberattack could have on your company.
Data Breach Coverage
If you ever experience a data breach, you’re required by law to notify the OAIC as well as all affected parties. That’s in the event the personal information stolen is likely to cause serious harm to affected individuals. The issue with that is that it can add to the overall data breach costs as you’ll need to invest in security fixes and identity theft prevention for all individuals impacted by the data breach. Not to mention, protecting yourself from costly legal action!
Cyber liability insurance policies include cover for this type of exposure helping you minimise the cost of a data breach to your business.
Business Interruption & Loss Reimbursement
A cyber incident such as a ransomware or DDoS attack can lead to an IT failure and significantly disrupt your business’s operations. For instance, you might not be able to access the data to ship products to your customers or your website might be down. And this, in turn, can cost you a lot of money, and potentially your reputation.
Depending on the type of cyber liability insurance policy you choose, you might be covered for the loss of income incurred by the business disruptions. And the good news is that increased costs of your business operations following the attack might also be covered.
Cyber Extortion Defence
Malicious software such as ransomware is designed to prevent you from accessing your key data until you pay a ransom. Now, according to a global survey gathering data from different countries including Australia, 61% of businesses have experienced a ransomware attack in 2021.
Cyber liability insurance can help you recoup the losses incurred by the ransomware attack and even provide ransomware negotiation support.
In the aftermath of a cyberattack, you’ll have to investigate in order to determine the extent of the attack and what led to it in the first place. This is important as it can help you identify risks and weaknesses and fix them to prevent any further attacks.
But unless you’re a cyber professional, this can be a difficult task.
The good thing about having the right cyber liability insurance policy is that it can reimburse the cost of seeking advice and hiring forensic experts to investigate, removing the stress linked to cyber threats.
If you’re looking for the right cyber liability insurance policy to cover you in the event of a cyberattack, we’re here to help. Because we know how much damage cyberattacks can cause to small businesses, we’ve decided to incorporate Cyber & Privacy Liability insurance into our range. Check it out for yourself today!