Why Cyber Insurance Is Now Essential for Every Business

Businesses of all sizes and industries should consider cyber insurance, especially if they:  

  • Store or process sensitive information, such as customer names, addresses, Social Security numbers, medical records, or financial information 

  • Trade via a website or online platform 

  • Use email 

  • Deal with customer data 

  • Use EFTPOS machines 

  • Rely on IT systems to conduct business 

  

This covers over 90% of businesses. Every 10 minutes a business is cyber attacked, resulting in Billions in losses each year.  

  

Cyber insurance can help protect your business from financial losses and assisting to remove malware and reinstate computer systems. Cover varies and can include:  

  

  • Ransom payments 

  • IT solutions to unlock and repair your systems 

  • Costs of reporting the breach 

  • Legal claims 

  • Remediating any losses suffered by your customers or clients 

  • Damage to your company's reputation 

  

When assessing your cyber risks and insurance coverage needs, you can consider factors such as: Your annual turnover, size of your customer base, volume of sensitive data processed, and nature of your business operations.  

  

You can also improve your cyber security health by:  

  

  • Implementing the Australian Cyber Security Centre's recommendations 

  • Using the Small Business Cyber Security Guide from the ASD's ACSC 

  • Implementing simple and inexpensive security measures 

  

Investing in Cyber insurance is a key part of your managing cyber risks and limiting the financial costs. 

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Contact your insurance adviser today or Derek Ford to discuss your needs and provide options.