Why Is Cyber Insurance Important?
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Cybercrime is on the rise, and it’s not just affecting large organisations.
Here’s how cybercrime is affecting small and medium-sized businesses in Australia:
- 43% of cyber attacks in Australia target small businesses.
- 71% of Australian small businesses have sustained a cyberattack in their lifetime.
- The average cost of cybercrime for Australian companies is $276,323.
- Only 14% of small businesses are prepared against cyberattacks.
These stats set the scene: cyber insurance has become a critical component for businesses and organisations.
But how exactly does cyber insurance help you?
It Safeguards Your Business’ Reputation
If you sustain a data breach and data is stolen or lost, you’ll need to notify each one of your customers.
Now, this, in addition to costing you money, can cripple your business due to reputational damage. That’s because trust is key when it comes to your clients. They trust you with their personal information, and a serious data breach can significantly weaken and even destroy that trust.
After all, nobody wants to do business with a company that can’t protect its customers’ personal information.
Cyber insurance typically includes crisis management and covers communications and reputational mitigation costs.
It Reimburses Your Business Interruption Costs
A cyberattack can lead to IT failure costing your business time and money.
Your online store could be down for a few hours or days, leading to a loss of revenue and clients. Or perhaps your internal systems will be affected, preventing employees from accessing the information they need to do their job.
Most cyber liability policies will cover the costs of business interruptions linked to a cyber incident. And some of them will also cover the increased costs of doing business in the aftermath of the attack.
It Provides Cyber Extortion Defence
Ransomware is a type of malware designed to steal and withhold critical data and information from a business until the organisation pays a ransom fee.
Now, if it hasn’t happened to you yet, you've been lucky.
80% of Australian companies were affected by ransomware in 2021. That’s an increase of 45% compared to the previous year! As ransomware attacks become more prevalent, so is the need for cyber extortion defence that cyber insurance policies provide. With your cyber insurance, you’ll usually be reimbursed for the costs of hiring negotiators, paying the ransom, and 24/7 support from cyber security specialists following the attack.
It Helps You Afford Proper Legal Support
If you’re the victim of a cyber attack, chances are you’ll be seeking legal counsel, which can quickly become expensive. Cyber insurance policies can cover legal fees helping you afford proper counsel following a cyberattack and taking the right steps towards recovery.
Where To Find Cyber Insurance For Your Small Business?
At upcover, we specialise in helping small businesses access the best insurance policy to suit their needs. That’s why we’ve recently launched Cyber & Privacy Liability Insurance.
Our policy covers:
- Cyber incident response
- Cyber extortion
- Data and application restoration costs
- Business interruptions
Now, we know how overwhelming looking for the best cyber insurance can be, so don’t hesitate to get in touch if you need any advice. We’re here to help!