Cyber crime is anticipated to become a 2.1 trillion dollar problem by 2019.
Don’t make the mistake of putting it off because you think it 's too expensive or, worse, that it can’t happen to you. To receive further details regarding a Cyber Insurance Policy or to request a quote for Cyber Insurance Cover, call and speak to one of our knowledgable staff, or complete the form below.
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What is Cyber Liability Insurance and Why You Need It
“Would you survive a significant disruption to your business or the loss of critical business data” – many simply would not.
We live in an increasingly virtual world where cyber crime attacks are becoming more frequent and sophisticated. However, most Australian businesses, large and small, are unaware of and unprepared for the very real threats that these attacks pose, and the subsequent risk to their business continuity.
Imagine for a moment your company has come under attack from a skilled hacker. He gains access to your database and promptly sells the contents to the highest bidder. PLUS, he disables your website so you can't take the orders and payments you need to keep operating. However, while more mundane, but no less devastating, the most likely scenario involves you or one of your staff receiving an email with an attachment you open that infects your entire system and corrupts or deletes critical business data.
Wouldn't it be nice, right about now, to know your insurance policies included cyber liability cover?
Traditional liability cover has, in most cases, failed to keep pace with the dramatic changes happening across the internet. Cyber insurance has been developed to address the risks you face with internet exposure, both from inside and outside your business.
Do you have fire, public liability and burglary cover? While you see these covers as essential, in most cases the likelihood of a claim pails into insignificance when compared with the real threat of a cyber attack. It isn’t a question of “if an attempt will be made on your business”, but a matter of “when”!
These days, unfortunately, businesses fall into one of three categories, those that have already been attacked, those yet to be attacked, and those that have been attacked, but just don’t know it yet!
Here are five reasons why you need specific Cyber Liability Insurance
- Data is one of your most important business assets, yet data loss is not covered under a standard property insurance policy.
- Your systems are critical to operating your business but their downtime is not covered under a standard business interruption insurance policy.
- Cyber crime is now the fastest growing crime across the globe, but most attacks are not covered under a standard property or crime insurance policy.
- Do you collect and store third party data? Did you know you may be liable if you lose it.
- If your number one asset is your reputation, shouldn’t it be insured?
The term Cyber Liability Insurance is sometimes confused with IT Liability Insurance (or ICT Liability). IT Liability is targeted more toward providers of professional IT services or systems. Cyber Liability Insurance is better suited to business that utilise information and communication technology (ICT) equipment for their day to day operations.