You prepare your morning coffee, flick on the radio, switch on your PC, and get ready to start your work. The difference today however, is that you’re suddenly faced with a screen demanding you to pay for an unlock code to access your files before they are destroyed in 18 hours.
What would you do next?
The fastest growing crime
In its most recent cyber security survey, the 2016 Norton Small to Medium Business (SMB) Survey1 revealed that almost one in five SMBs have been the target of a cyber attack. It also revealed that 52% of attacks are due to a user clicking on a phishing email. Cyber crime can take many forms: through a network being hacked, infected files or simply leaving passwords and equipment unsecured or unattended. Increased use of public wi-fi to access cloud-based technology also opens many up to vulnerability.
The impact of a cyber attack can be potentially devastating for a small business, grinding your operations to complete stop, preventing you from trading.
What is Cyber Liability Insurance?
Cyber insurance protects businesses and individual users from internet-based risks relating to infrastructure and activities. Should you be impacted by a cyber breach, Cyber Liability Insurance protects against the costs involved in paying a ransom, forensic investigation, compensation for affected clients and defence of claims for misleading conduct, negligence and privacy compromises.
“Many people think that when it comes to bad luck, it happens to someone else,” says Tamara Wagner, author and accredited trainer from Definitive Accounting. “It's not until it hits home or close to home that they start to feel violated. It is absolutely crucial to have the appropriate software and insurance to protect your data and not just think that your operating system firewall will stop anything because it won't.”
False. Cyber criminals are well-trained professionals and any device, cloud or piece of software is vulnerable. In the past, Macs have had a low market share - now, with the increased ownership of Mac products, cyber criminals see Mac users as equal target to Microsoft.
False. Professional Indemnity cover relates to the provision of a professional service and is negligence-based. The Protection of Personal Information Act places cyber neglect outside of this remit. Fines and penalties are a common exclusion under Professional Indemnity policies, whereas Cyber Liability Cover generally affords coverage to the extent insurable by law.
True. Widely referred to as the Internet of Things (IoT), it’s not just PCs that can be hacked. Any devices connected to the internet are able to be intercepted to gain access to your network, and subsequently anything else connected to that network.
False. Any information – be it personal or business related, is attractive to cyber criminals. While some criminals use this information for purposes such as fraud and identity theft, other criminals recognise how valuable the data is to you – pictures of your family from several years ago, records of your finances, client data and transactional information. Imagine not having access to your client files? Imagine if your clients found out you had been hacked? Cyber criminals know they can demand a ransom and you would seriously consider paying to keep your business and reputation afloat.
Aon are proud to be leaders in the field of mitigating and managing Cyber Risk for business and across the world, and for a limited time only, Aon are offering you 14 months Cyber Liability cover for the price of 12.
Don’t wait until it’s too late. Get in touch with the Cyber Liability experts at Aon to answer any questions you may have. Call 1800 805 191, visit aon.com.au/cybercover or email firstname.lastname@example.org
Terms & Conditions
* Conditions apply. For full policy wording please contact 1800 805 191. © 2017 Aon Risk Services Australia Limited | ABN 17 000 434 720 | AFSL 241141. The 14 for 12 offer ends 28th Feb 2018. This information is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. So before deciding whether a particular product is right for you, please consider the relevant Product Disclosure Statement or contact us to speak to an adviser.
1 Norton 2016 Small to Medium Business (SMB) Survey (http://now.symassets.com/content/dam/content/en-au/collaterals/datasheets/cybersecurity-simplified.pdf)