Cyberspace has become a battleground.
$97,200 is the average loss per cybercrime for medium businesses. This compared to $71,600 for large organisations and $46,000 for small businesses.
Cyber incidents are now considered the top risk facing businesses globally.
– (ACSC annual report July 2022 – June 2023)
Hack attacks, ransomware and phishing are just some of the cybercrimes against businesses that can expose them to data theft, extortion or even business failure. Cyber protection insurance is designed to help protect your business from the financial impact of computer hacking or a data breach.
Who should consider it?
Today, every business is supported by a digital backbone. This means all Australian firms are at risk of criminal cyberattacks. Cyber insurance offers businesses a level of protection to mitigate the effects of a cyber breach or attack. So, while prevention and practicing cyber safety is crucial, it also pays to take out insurance, so your business can better restore its operations if it falls victim to an attack.
What can it cover?
Cyber insurance policies vary in the benefits they provide. The Team at Arcuri & Associates can help you find the most suitable product that meets the needs of your business. Here’s the type of cover that your policy may include:
First party losses
Business interruption losses — Covers financial loss you may suffer as a result of a cyber-attack.
Cyber extortion — The costs of a cyber attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats.
Electronic data replacement — The costs of recovering or replacing your records and other business data.
Security and privacy liability — Damages resulting from data breaches, such as loss of third party data held on your system.
Defence costs — Fund the legal costs of defending claims.
Regulatory breach liability — Covers legal expenses and the costs of fines arising from investigation by a government regulator.
Electronic media liability — The costs of copyright infringement, defamation claims, and misuse of certain types of intellectual property online.
Crisis management expenses — Provides cover for the costs of managing a crisis caused by cyber hackers.
Notification and monitoring expenses — The costs of notifying customers of a security breach, and monitoring their credit card details to prevent further attacks.
Protect Yourself Today
Top tips to stay safe online
• Turn on automatic software updates – this helps to patch up vulnerabilities and the automatic updates mean you don’t have to think about them.
• Cyber training – teach your team how to identify common cyber scams such as phishing emails.
• Use anti-virus software – this helps protect your data from malware.
• Secure your devices – Use locks or encryption, and regularly back up your files.
• Avoid public wifi – use a secure connection, as information can be easily intercepted on public wifi.
• Regularly back up devices – recovering data can be expensive, so make sure you have your up-to-date documents backed up.
• Switch on multi-factor authentication – provide two or more proofs of identity for better security.
• Use passphrases rather than passwords – these are easier to remember and harder to crack.
• Create a Cyber Incident Response Plan – don’t wait until it’s too late to create a contingency plan for your business.