Cyber insurance is designed to protect your business against risks relating to all of your IT activities.
As technology advances and businesses rely more and more on computers and the internet, Cyber crime has become more prevalent.
Most small business owners believe that they are safe from cyber attacks with Antivirus software. Unfortunately Cyber Crime is a real threat and over 70% of small businesses are targeted by Cyber criminals each year.
The most common causes of Cyber crime in Australia:
- Week, default or stolen passwords
- Accidental sharing of information
- Non approved shadow IT
- Data leakage caused by user mistakes
$29 Billion is the estimated cost to Australian business from cyber crime each year.
Attacks mostly occur by:
- Ransomware
- Viruses
- Adware
- Phishing emails
- Spyware
What is covered by a Cyber Insurance Policy:
Cyber Insurance can help provide cover for financial losses to your business & your customers following a cyber security breach.
This can include costs relating to:
Loss of revenue
Negotiators and ransoms
Restoration of records / data
Defence and legal clams
Government investigations
Copyright Infringement
Crisis Management
Prevention of Further Attacks
Your questions answered:
Do I need cyber insurance if everything is in the cloud?
Many business owners believe that if they are using the cloud they have additional protection. This is not the case and with more than 70% of Australian businesses using cloud technology cyber crime in this area has increased substantially.
Do I need cyber insurance if I do not store personal data?
Every business that has electronic records or a website is exposed to an accidental data breach or a Cyber attack. The consequences of a cyber attack can be very costly.
Does cyber insurance provide cover if I send money to the wrong person?
It is important that you take out cover for Social Engineering, Phishing & Cyber Fraud.
Social Engineering is effectively the use of deception to manipulate you or your staff into divulging information that is used for fraudulent purposes.
Important Tips to reduce your cyber risks:
- Check every email and invoice thoroughly to ensure that you are confident that the request is legitimate before sending a payment
- Forward any suspicious emails to your IT provider
- Regularly test data back ups
- Update incident response plans
- Perform regular cyber risk assessments
- Delete untrusted Microsoft Office macros
- Implement Application Whitelisting
- Restrict administration privileges
- Implement Multi-factor authentication
- Obtain a Cyber Insurance Policy
The Insure Gold Coast Difference
At Insure Gold Coast we have extensive understanding of the Cyber Insurance market.
We will provide the most comprehensive insurance together with the highest level of personal service.
We can save you money by taking the time to put together a tailored insurance program and are happy to arrange a visit to your property to ensure that we fully understand your requirements.
We are passionate about the local community and donate a portion of our income to local charities
Servicing only Gold Coast customers we are able to give you the service and support that you deserve.
Insure Gold Coast is a member of the largest insurance broker network in Australasia.
As a client of a Steadfast network insurance broker, you get the best of both worlds - local knowledge and service, with the strength of a large organisation.
