As businesses continue to grow, so does their reliance on technology. And as this grows, so does the number of cyber-attacks. In fact, around three in five Australian companies experience a cyber security breach every month!
This is where cyber insurance comes in – to help protect small business owners against online risks, such as computer hacking, ransomware or data theft.
Any business with a website or electronic records is vulnerable to cybercrime or an accidental data breach – and the consequences of a cyber-incident can be very costly.
Depending on your situation, you may be up for the cost of ransoms or IT solutions to unlock and repair your systems. You could also be liable for the costs of reporting the breach, legal claims, and remediating any losses suffered by your customers or clients.
Remember, a cyber-attack or data breach may cost your business more than just money. It could threaten your intellectual property, put your customer’s personal information at risk and cause major damage to the reputation of you and your business.
Cyber insurance helps cover financial losses to your business, your customers and other parties following a cyber security breach.
This might include costs associated with: