Have you protected yourself and your business from the Cyber World?
What is cyber protection insurance?
This is relatively new insurance coverage that has evolved as the cyber world has also evolved. It is mainly designed to help protect your business from the financial impact of computer hacking. This is a very common issue right now. It can strike anywhere, and anyone at any time.
Who needs it?
If you have an online profile, website or any type of electronic record, you should have cyber insurance. The reason is that with these mechanisms you are vulnerable to a cyber attack.
A cyber attack could cost your business money, time and much more. It steals the intellectual property, customers’ personal information, and even your identity is at risk. Ultimately it could damage your reputation.
What does Cyber Insurance cover?
The insurers refer to two main scenarios – First Party Losses and Third Party Losses
First Party Losses are losses to YOUR business that is insured. An example of this is if a hacker obtains control of your computer, steals money and/or details of your clients. It may take days to take back control of the computer and there may even be a ransom request from the hackers.
The insurance will pay you the money that was stolen, cover the money that your business lost whilst the computer was inaccessible (if any), pay the ransom (if required), and pay the computer expert to have all of your systems back up and running.
Third-Party Losses are losses to your business as a result of the above incidences which affect a third party. Such as customer information being stolen, at which time you may require defence costs to be covered due to data breaches of private information of a third party. This cover will also look after any legal expenses incurred due to an investigation by a government regulator.
Did you know?
Top scams as reported to Scamwatch 2020 were:
- $128,000 million lost to businesses due to payment redirection scams.
- $8.4 million remote access to your computer scams
- $7.4 million online shopping scams
- $3.1 million identity theft scams
22% of these scams were by email.
Scam losses to businesses increased by 206% in 2020 to $18 million from $5 million in 2019.
Reference – Targeting Scams – Report of the ACCC on scams activity 2020
Read more about our Cyber Insurance Service >>>
YOUR BUSINESS NEEDS CYBER INSURANCE NOW!
Pop into our office in Ayr and speak with one of our team members about your cyber insurance needs today.
Don’t leave it until it’s too late …. It’s a free service we provide.
BOOK NOW on (07) 4783-1310 or email info@northerninsurance.com.au
