Every day, virtually all companies in Australia handle electronic data containing sensitive information about their clients as well as corporate information about their own company. All are faced with real liabilities if data falls into the wrong hands or enters the public domain accidentally or fraudulently.
Cyber criminals have many faces and are the growing scourge of commerce worldwide. From hackers who seize and hold your data for ransom to denial of service attacks; inadvertent or negligent breaches of client data; websites not being accessible, leading to loss of reputation… the outcomes of a cyber security incident can have a significant impact on the finances and reputation of a business.
What is Cyber Protection Insurance?
Cyber Protection Insurance is a relatively new form of cover. It’s designed to help protect your business from the financial impact of computer hacking or a data breach.
Why do I need it?
If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, it’s likely that your business will suffer a cyber attack at some stage.
A cyber attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.
Download our fact sheet for details on what a Cyber Insurance policy covers, what usually isn’t covered, types of cover and the potential benefits. Our online questionnaire is available for when you are ready to get a quote.
Did you know?
- Australia is the 5th most targeted country for cyber attacks globally
- 75% of cyber attacks come from human error
- More than 20% of Australian businesses have experienced cybercrime, with 40% directed at SMEs
- The average cost of a cyber incident in Australia is $276,232