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 cybercrimes are targeted at SMEs.
60% of SMEs 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 SMEs
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 SMEs, 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.
Do you need insurance? Do the comparison -
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What could a cyber-attack on an SME look like? Some recent cases we've seen -
A local school had emails forged from a key person in the business with over $130,000 in funds transferred to false accounts.
A small engineering firm subject to ransomware resulting in business interruption for 3 days.
An aged care facility experienced a significant data breach resulting in the release of hundreds of personal records.
For personalised risk advice from a cyber insurance expert or to get a quote, contact us today.