Cyber Insurance - Protect Your Business from Attacks
Cybercrime is the fastest-growing crime in the world, with professional criminal syndicates targeting vulnerable small to medium-sized businesses. It is estimated by the Australian government that more than 700,000 Australian businesses have experienced cybercrime, making Australia the fifth most targeted country for cyberattacks. 40% of all cyberattacks target vulnerable small to medium businesses, as they often don’t have the resources to invest adequately in security.
Why Are SMEs Vulnerable?
Broadly speaking, SMEs tend to have weaker network security and invest less in IT infrastructure. They also tend to be less educated on cyber risks—42% of cyber incidents are due to simple mistakes, such as losing a smartphone or sending an email to the wrong person (Symantec 2015 Internet Security Threat Report Vol 20).
Privacy Legislation and Penalties
New privacy legislation introduced in March 2014 imposes penalties of:
$340,000 for individuals breaching legislation.
$1.7 million for companies breaching legislation.
How Cyber Insurance Can Help
Cyber cover can help protect businesses from the financial impact of a cyberattack or privacy breach. Cyber insurance offers broad cover for a wide variety of risks resulting from the use of technology. Features may include:
Cover for your civil liability resulting from data breaches.
Contractual fines coverage, including credit card company and PCI fines, arising from privacy breaches.
Cover for your own costs to notify individuals in the event of a privacy breach where required by law and the cost of actions taken to mitigate a larger liability claim.
System repair and restoration cover in the event of accidental damage to data, including a computer virus or hack attack.
Cover for your lost revenue arising from system downtime after a computer virus or hack attack.
Electronic fraud coverage.
Cover for your liability arising from a breach of statutory e-commerce duties.
Media liability cover for electronic content, including intellectual property rights infringement and defamation.
Coverage for claims made anywhere in the world as standard.
Access to an experienced claims panel that will react quickly and locally, from privacy breach notification to electronic fraud investigation.
PR consultants to manage the impact if your brand is at risk.
Get Protected Today
For more information on how you can protect your business against cybercrime, please contact AB Phillips on 03 8586 9333 or email info@abphillips.com.au.