What does a Cyber Insurance policy cover?
Cyber Insurance can protect your business in the event of cyber attack or other form of internet intrusion. Such attacks can result in costly expenses to your business, including claims from third parties who’s personal information has been exposed as a result of a breach of your computer system. Cyber insurance can meet the costs your business incurs as a result of these breaches.
Do I need Cyber Insurance?
Every business and individual who has access to the internet is exposed to cyber threats including cyber attacks and data breaches. The potential for loss is much higher for businesses who hold sensitive customer information, such as credit card details, dates of birth, tax file numbers etc. Cyber criminals are becoming increasingly more prevalent and technically sophisticated. So much so that cyber attack is the fastest growing risk to small business globally according to the Australian Computer Society. An effective cyber insurance policy may pay for all losses your business suffers as a result of a cyber attack. Furthermore, it can meet the costs of forensic investigations, fines and penalties you may incur and public relations costs to protect your reputation and that of your business. Contact us now to arrange a meeting.
How much does Cyber Insurance Cost?
Cyber Insurance premiums vary depending on a number of factors including your business’s turnover, the number of employees and the level of cover you require. Also, the level of sophistication of your IT protection and backup processes may affect your premiums. The better protected you are, the less exposed you are so theoretically, higher levels of protection may result in lower premium costs. Northern Insurance Solutions can help tailor a cyber insurance policy to meet the individual needs of your business. Call us now for a quote!