Cyber Protection Insurance
Every business, large or small, is exposed to a cyber attack. Cyber attacks can come in many forms. Following are the most common;
1. Cyber Theft
Fraudulent invoices &/or ‘change of bank account requests’ received via email from criminals masquerading to be your trading partners, commonly referred to as ‘Man in the Middle’ attacks. We are noting a significant increase in the frequency of these events. The fraudsters are extremely clever and it’s virtually impossible to spot a fake email or invoice.
2. Denial of Access
If you rely on the internet to operate your business, you are exposed to a denial of access attack. These attacks can be more a nuisance than anything, but can your business survive without email or access to the internet?
Hackers can install software onto your IT infrastructure and encrypt your data. The hackers will then request the payment of a ransom for you to regain access to your system & data. The time & cost of recreating data can be significant.
4. Privacy Breaches
Fines & penalties are applicable for companies that accidentally release ‘personally identifiable information’, ie names, addresses, bank details etc. Depending on the type of breach, fines can range from $525,000 to $2,100,000 for a body corporate and from $105,000 to $420,000 for any other entity.
All businesses with an annual turnover in excess of $3,000,000 and any businesses that provide health or financial services are particularly at risk of attracting fines or penalties.
Cyber Protection Insurance is quickly becoming a mandatory component of a business Insurance Program.
Most businesses are insured for theft/burglary, but you are far more likely to experience a cyber-based crime than a break-in.
Cost for a Cyber Protection policy start at around $500. We would encourage you to carefully consider your exposure to cyber threats and we welcome the opportunity to provide quotations to protect your business.
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