Cyber Liability & Cyber Crime – more valuable than we realise?
For any insurance customer, particularly business owners, there is a proliferation of articles to consume about the urgent necessity to protect your business against the growing criminal epidemic that is cyber-crime.
For any individual, it is difficult to know where to start. Questions one asks themselves are similar the world over: what is my exposure? what cover do I need? can I get sued by third parties if I don’t have appropriate cover? and how affordable are the policies? – just to name a few.
We offer a different way of looking at this quandary. Most businesses, whether property owners or tenants, insure glass, and many tend to insure money cover also. These two combined, can often attract a combined premium of around $1000 which clients are usually comfortable paying.
Yet if one is to consider these classes, the question arises as to whether they are as valuable as they may have once been.
The occasional glass breakage is an event with no ongoing ramifications other than replacing the glass. And with respect to money cover, limits are often far higher than necessary given the increasing use of ‘plastic’ by most clients. Consider the value of these sections – the same amount of premium could be used to get a “foot in the door” with a cyber policy or extension which is appropriate for most businesses.
Saying this, it is important to state all classes of insurance where one deems they have an exposure is important and should be covered. This article is not to encourage the public to self-insure risks, but to simply give some perspective on ‘value for money’.
To suffer an uninsured Cyber loss is to expose the business owner to losses that could cripple the business. The losses could be as much as hundreds of thousands of dollars, and that does not even take into consideration the potential of industry fines and penalties as well as third party actions. For most who have spent years building their business, Cyber stands alongside fire and liability as one of the major exposures to suffering large loss and tearing apart all that has been built.
Don’t think it can’t happen to you, as this is not a “Halley’s Comet” situation. These events are occurring within your industry, to people you do business with, to associates and to friends – and they are not going away.
Austbrokers Terrace have a team of Cyber specialists who can assist you in this area, and we are always available. In our role as insurance brokers we can determine the most appropriate policy for your ongoing protection.
Contact us today to get a quote or start the discussion about your risks.