28 Nov Make time this Cyber Monday to consider your cyber exposure
Make time this Cyber Monday to consider your cyber exposure
The Insurance Council of Australia’s Report; Cyber Insurance: Protecting our way of life, in a digital world describes a cyber risk as “the risk posed to a business by a data breach or network compromise. These can occur as a result of either human error, malicious actions by disgruntled employees, by organised crime gangs, acts of war or disruption by nation states.”
“Insurance is an important component in managing this rapidly growing threat to business viability as it can provide risk mitigation and risk transfer. Cyber insurance as a product has evolved to support businesses to manage these risks.”
Cyber insurance is designed to help protect your business from the financial impact of a cyber event such as computer hacking or a data breach.
Who should consider it?
If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, it’s likely that your business will suffer a cyber attack at some stage.
A cyber attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.
Stay Smart – Act Now
A cyber insurance policy should be part of every successful business’s risk management framework. Cyber Insurance should be your last line of defence when it comes to preparing for a cyber attack. In fact, insurers expect businesses to have a number of risk mitigation strategies in place. These strategies can reduce your premium on a cyber policy.
These include up-to-date anti-virus and anti-spam tools and system backups that are regularly tested. Rigid protocols around passwords are also essential. Staff training to ensure employees understand what a cyber attack or threat is and how to prevent one is also essential.
There is no such thing as an impenetrable system; this is why in today’s digital age Cyber Insurance is a must for your business to mitigate your exposure in the event of a cyber-attack. Don’t wait until it’s too late – click here to obtain a Cyber Insurance quote online.
If you have any further questions regarding Cyber Insurance and how it can protect your business, contact CRM Brokers on 1300 880 494.
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