We are your trusted partners for Cyber Insurance in Toowoomba, along with Business Insurance, Personal Insurance and more.
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.
Toowoomba businesses are just as exposed as those in bigger cities, and often less prepared for it.
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.
There were 177,519 scams reported in 2018 with 9.9% having a financial loss of $107,032,111.
(Scamwatch statistics, Australian Competition & Consumer Commission, 2018)
58% of victims of data breaches are categorized as small businesses.
(Summary Findings, Verizon 2018 Data Breach Investigations Report, 2018)
Among small to medium sized businesses that have experienced a successful infiltration of the corporate network by ransomware, 22% reported that they had to cease business operations immediately (identical to the global average), and 18 percent lost revenue (higher than the global average).
(Second Annual State of Ransomware Report: Survey Results for Australia, Osterman Research, 2017)
Cyber insurance policies vary in the benefits they provide. Your insurance broker can help you find the most suitable product that meets the needs of your business. Your insurance broker can help you find the most suitable product that meets the needs of your Toowoomba business. To give you an idea, here’s the type of cover that your policy may include:
Exclusions and the excess you need to pay can vary greatly depending on your insurer.
Policies generally won’t include cover for:
Your employee opens an email attachment infected with a ransomware virus. Access to your systems and data are blocked and the virus software informs you that it will remain unavailable unless you pay the ransom amount. Rather than paying the hacker and opening your business up to further extortion attempts, you hire external IT consultants to recover your back-up data and files and upgrade your antivirus software. Over the week it takes to apply these fixes, you have to close your business, causing you to lose revenue. It also affects your reputation with your clients; one of your clients threatens to sue you for the delay which cost them a large amount of money.
A Cyber Protection Insurance policy allows you to recover some of the costs you incur during this incident. Depending on your policy, you may be able to make a claim for losses caused by the interruption to your business, the costs of recovering your data and upgrading your software, and ongoing crisis management expenses.
Important note A product disclosure statement (PDS) is available from us. You should consider the PDS in deciding whether to acquire, or continue to hold, business insurance.
For professional advice on Business Insurance placement solutions, please contact All Star Brokers.
