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You get insurance for your home and its contents, your car and maybe your health.
In a business, there’s a plethora of insurance products out there from public liability to professional indemnity, and there’s one type of insurance that just wasn’t around 30 years ago; cyber insurance.
This is how you can and should protect your business from cybercrime.
Want to know how you can minimise risk with cyber insurance?
Read more from the Gold Coast insurance brokers at Crest Insurance to find out.
Cybercrime statistics – could it happen to your business?
A business is a pride and joy for many Australians. From the hardworking small business owners to the medium and larger corporations, so many business owners put their heart, soul and so much time into keeping their business viable and thriving.
Unfortunately, cybercrime can (and does) happen to any business.
Here are the statistics:
- According to the NSW Government, cybercrime is costing businesses in Australia approximately $1 billion a year.
- 55% of SME (small to medium businesses) are unknowingly exposing their business to cybersecurity risks with common online activity such as emailing and utilising social media.
- 43% of all cybercrimes in Australia are directed at small businesses.
You can minimise your risk by encrypting and backing up sensitive data, updating your software, investing in a VPN, training and educating your staff on suspicious cyber activity and protect your business with cyber liability insurance.
What is cyber liability insurance?
Cyber liability insurance is a business insurance product, aiming to protect your business against costs (legal or other) that result from cybercrime scenarios.
It’s naïve to think everyone uses the internet in a law-abiding, harmless way, but that is just not true for a portion of people and enterprises around the world.
Here’s what expenses could be covered from the following attacks or suspicious activity:
- Business interruption costs
- Crisis management costs (to restore your business’ reputation after a breach)
- Data breaches and the subsequent data recovery
- Extortion
- Fines and penalties
- Forensic investigation
- Legal costs for any civil action cases taken out against your business, and
- Theft or loss of client information.
Invest in peace of mind and talk to your Gold Coast insurance broker about what business insurance and cyber insurance product is best for you.
Cybercrime in the COVID-19 era
With more remote working and arguably higher internet activity, cyber scams are increasingly targeting businesses in the COVID-19 era.
Hackers are doing so by setting up fake COVID-19 websites, claiming to sell masks and medical supplies and posing as government agencies via email and/or social media.
It’s so important to be smart out there online, and back your business with the right insurance.
Protect yourself and your business with Cyber Insurance
Crest Insurance are your local Gold Coast insurance brokers, specialising in both personal and business insurance.
We have an extensive product range, tailored to suit your specific business needs.
Our cyber insurance product will ensure cybercrime risk to your business is minimised, so you can worry less and thrive more.
Contact Crest Insurance today to learn more and find the best insurance products tailored to your business.
