Computer security is becoming a high priority for businesses around the globe as cyber criminals sharpen and broaden their nefarious skills.
Every day, virtually all companies in Australia handle electronic data containing sensitive information about their clients as well as corporate information about their own company. All are faced with real liabilities if data falls into the wrong hands or enters the public domain accidently or fraudulently.
Cyber crime has many faces and is the growing scourge of commerce worldwide. From hackers who seize and hold your data for ransom to denial of service attacks; inadvertent or negligent breaches of client data; websites not being accessible, leading to loss of reputation… the outcomes of a cyber security incident can have a significant impact on the finances and reputation of a business.
In the USA some of the largest companies in the world have lost millions of dollars as the result of cyber crime. In recent months, threats to Australian businesses have come from many directions with hackers shutting down computers and blackmailing companies for the safe return of their data. The Australian Institute of Criminology (AIC) reports Australian businesses are feeling the pain of cybercrime. The estimated cost to businesses per annum is more than $600million and rising.
No company is immune to Cyber Risks!
Even more concerning is the report highlight that these cyber attacks are not restricted to any industry or size of enterprise. All companies, large or small are targets for cyber criminals.
Using the Internet, email and any business network system exposes you to hacking, fraud, viruses and information misuse. Expensive lawsuits, lost business opportunities and damage to your network and reputation can cost you more than you think.
The reality is that the World Wide Web has no boundaries and as business models evolve through the use of new technologies, so must traditional insurance programs and risk management practices.
Many businesses operate under the belief that their existing insurance policies are enough to cover their data security and privacy exposures. This is not the case.
Fortunately, Australian insurance companies are at the forefront of making good the damage of cyber threats. And although stopping the hackers and other criminals in their tracks is not within their capability, they are able to provide the next best thing… picking up the financial pieces of damaged businesses following a cyber attack event.
Cyber attack insurance. What can be covered?
Cyber Risk cover can protect you for claims arising from your use of the Internet, email, intranet, extranet or your website. Cover includes but is not limited to:
- Breach of privacy
- Damage to your network or website
- Transmission of a virus
- Third Party Liability
- Cyber Extortion
City Rural Insurance Brokers can provide all the information you need and help you implement the right Cyber Risk protection strategy for your business.