Cybercrime costs the Australian economy over $4.5 billion annually

Globally, Cyber crime and data breaches cost the economy around $120 billion annually, and are considered one of the top emerging risks for the 21st century, yet still remains one of the least insured policy areas.

As the frequency and prevalence of these crimes increase, businesses need to start reviewing now how they protect themselves, their data and their client’s information before its too late.

In todays age, virtually all companies handle data and personal corporate information online making businesses not only extremely dependent on technology but also vulnerable to cyber attacks and data breaches. Globally, Cyber crime and data breaches cost the economy around $120 billion annually, and are considered one of the top emerging risks for the 21st century, yet still remains one of the least insured policy areas.

As the frequency and prevalence of these crimes increase, businesses need to start reviewing now how they protect themselves, their data and their client’s information before its too late.

What’s at risk?

The impact of falling victim to a cyber attack can be devastating for businesses, particularly those who do not have the financial capacity to recover from such an incident. The loss of personal and corporate data has far-reaching ramifications.  In the hands of a competitor or even an extortionist, stolen intellectual property or proprietary information can severely disadvantage business.

Not only this, but research from ‘Unisys Sectuiry Index- Australia, 2011’ revelaed that 85% of Australians would stop dealing with an organisation if their data was breached.

Not only can your business suffer financial penalties as a result of a data breach, it can also lose sales, customers and future revenue.

What is Cyber Insurance?

It’s no longer a case of if your company will become a victim of a cyber crime but rather when. With this in mind, now more than ever it is important to ensure that your business is sufficiently covered. Unfortunately, it is highly unlikely that your standard business insurance will cover you in the event of a cyber attack.

Without such a cover, the damage bill to both your reputation and finances can be devastating. Cyber insurance is specifically designed to assist your business in recovering from a cyber event where other policies will not provide you cover.

What are the benefits of Cyber Insurance?

There are plenty of incentives for businesses that choose to implement cyber insurance policies, the foremost being the peace of mind that’s with knowing your coverage is now fully aligned with your specific needs.

Arranging your cyber insurance policy also encourages companies to address their cyber security and risk management processes and identify existing vulnerabilities needing attention. Businesses can rest assured that if a data breach were to occur, an insurance policy would cover the first and third-party liabilities and costs incurred as a result.

We are specialist insurance providers with offices throughout WA. Our expert brokers will save you time and money by determining your company’s specific needs and creating a customised insurance policy to fully protect you in the event of a cyber attack.

Contact us for your obligation free policy review today!