Could you continue working if you were locked out of your computer?
Cyber insurance (also known as cyber liability insurance) was unheard of 15 years ago. Today, it is a product needed by organisations and individuals who heavily rely on their digital assets. Consider what would happen if your computer was hacked and someone gained access to the private information of all your customers? If your turnover is over $3M you will now have to act as required by the mandatory data breach notification laws. 43% of all cyber crimes are targeted at small businesses.
60% of small businesses who experience a significant cyber breach go out of business within the following 6 months
As an organisation you may collect names, residential addresses, financial information, medical records, credit card details, email addresses all of which are extremely attractive to hackers for the use of identity theft and fraud.
If your systems are compromised not only do you face financial repercussions for data that is no longer accessible along with potential legal and recovery fees, but you also face damage to your reputation for not safeguarding your clients’ data.
Aon’s Cyber Insurance for Small Business
Like most general insurance policies, cyber risk is determined by limits, turnover and industry. And while cover is comprehensive it doesn’t necessarily mean that it is expensive. In fact, for small business, cover can be acquired at a cost of a few hundred dollars per month.
A Cyber Attack can be extremely costly for you and your business. As exposure can vary from one organisation to the next, Aon can tailor a cyber-crime policy that reflects your risk landscape as well as your budget.
For personalised risk advice from a cyber insurance expert or to get a quote, contact us today.