Cyber Insurance
The risk to your business of cyberattacks and data breaches cannot be overstated.
Every business is online in some way – it’s easy to disregard the dangers businesses face through protection pitfalls of office computers and internet profiles. Whilst our emails are meant to be private, and logins are generally secure, maintaining a cyber-presence will always render an amount of vulnerability for your business, which means every business is at risk. Mitigating the risk of a cyber-event should be a business priority.
More than 20 percent of Australian businesses have experienced cybercrime, and 40 percent of all attacks are directed at small to medium businesses. Your business is more likely to experience theft or financial loss as a result of Cyber Crime, than your physical assets being stolen. Cyber insurance should be looked at the same way and considered standard business insurance moving forward.
Cyber insurance can cover;
- Third Party Claims: covers the Insured’s liability to third parties from a failure to keep data secure, such as claims for compensation by third parties, investigations, defence costs and fines and penalties from breaching the Privacy Act
- First Party Costs: reimburses the Insured for the costs they would incur to respond to a breach, such as IT Forensic Costs, Credit Monitoring Costs, Public Relations Expenses and Cyber Extortion Costs (including ransom payments to hackers).
- Business Interruption: this section provides reimbursement for the Insured’s loss of profits resulting from the breach, as well as any additional necessary expenses it may need to incur to continue business as usual.
At Ensured Services we tailor Cyber Cover to suit your needs.
Ensured Services
Nathan Cox, Director
0477 336 659
nathan@ensuredservices.com.au
PO Box 10, Jarrahdale, WA 6124
