Why Cyber Insurance Is A Must For Your Business

2019-05-17T05:15:15+11:00April 17, 2019|

We all know how important insurance is for your home, contents and business, but what about the less tangible things you deal with on a day to day basis? Cyber attacks are continuing to grow and online businesses are starting to feel the heat.

Personal data

Your clients trust your business to hold some of their most private data, including financial accounts and other information. If there’s a breach, they want to know they’re covered somehow. Having this information in your cloud-based storage system or on your computers mean that without a high level of security, you could be open to attacks. This will not only be detrimental to your client base but your business as a whole.

Day to Day

If your computers get hacked, how is your business going to continue to run? Protecting your employees from a breach and giving them cover if something does happen. Did you know that a survey conducted by the Australian Cyber Security Center found that 90% of businesses had some sort of cybersecurity incident since 2015? That’s plenty of businesses who have faced it head on. It’s something to think about.

The Cost

Not only to your own business, but your clients. The cost of a cyber security breach without insurance can be upwards of a six figure sum, so you really need to consider whether your business is able to even risk it happening.

You’ll be held liable

Your business needs cyber security cover because in the end, you’re liable for it all. There are massive penalties for allowing the theft of information and that will fall back on you if you’re not adequately covered. Not only will it be a financial cost, but your reputation among your client base will also disappear with the information. Going without cyber insurance in this highly advanced tech world could be a costly mistake.