In this blog, Insurance Web Broker Representative Jason Matthey explains what Business Cyber Insurance covers and some of the reasons it might be crucial for your business.
Given the digital age that we operate in, it has become increasingly important to put measures in place to protect your business should a cyber-attack, data breach event or a ‘digital fire’ occur.
With the right cyber protection in place your business has the best chance of resuming normal operations as soon as possible, with minimal disruption and financial impact.
Insurance Web has partnered with Australia’s leading specialist cyber insurer to provide the most comprehensive cyber cover available.
Business Cyber Insurance
So, what does business cyber insurance include?
Cyber insurance is designed to protect your business when unauthorised access occurs – from an external or internal party – and may also include the use of data or software within your IT infrastructure.
As you’ll see below, it can help with both liability and expenses arising from a cyber-attack or breach.
Depending on the level of cover you opt for, you may be eligible to claim:
- Losses to you – such as loss of profit, business impact costs, increased costs of working
- Losses to others – third-party litigation, regulatory investigations (notifiable data breaches), fines and penalties
- Response costs to a cyber event – IT forensics, virus extraction, customer notification costs
- Cyber theft – direct financial loss, third-party financial loss
- Telephone phreaking
Who should have Cyber Insurance?
Cyber Insurance is recommended for most corporate organisations or office-based businesses where your workforce is online, and work is performed behind a desk or electronically using IT infrastructure and cloud-based software or technology.
If your business stores any personal data – whether it be for employees or clients – you will be subject to Australian data breach notification laws which require you to notify anyone affected by a breach.
It may also surprise small business owners – even small, local operators – that they are often the victim of opportunistic hackers from overseas.
Cyber Insurance Broker
If the threat of a cyber-attack or data breach makes you nervous, putting a Cyber Insurance policy in place is a small price to pay for peace of mind should the unthinkable occur.
For more information about our Cyber Event Protection Insurance click here.
Insurance Web is your local business Cyber Insurance insurance expert. Known for our simple processes, cost-efficiency and trustworthy staff, we’ll help you get the right business insurance cover so you can trade confidently and securely right now!