What is Cyber insurance?
Cyber insurance is designed to protect your business against a wide range of internet-based risks, and risks relating to information technology infrastructure and activities. Although it was largely unheard of 20 years ago, cyber crime has also become more prevalent as we’ve evolved into a digital society.
Why do I need Cyber insurance?
You’ve worked hard to get your business to where it is today, but one successful cyber-attack could be all it takes to cause significant damage to your organisation and reputation. Cyber threats are becoming more sophisticated with advancements in hacking, malware and social engineering techniques.
A security breach could corrupt your business’s critical data, causing financial loss, reputational damage and liability to third parties. Cyber-attacks can be very expensive with the current average cost of an attack on a small to medium sized business estimated at $1.9m.
Now let’s be clear - a cyber incident does not need to involve complex hacking – it can be as simple as having your phone stolen, attaching the wrong file to an email, or clicking on a malicious link in an email.