September 8, 2016

Cyber Crime and Your Business

Cyber crime is believed to cost Australian businesses – of all sizes – around $4.5 billion each year.

So now that we have your attention, as a business owner, what about turning your mind to insuring your business against this new crime wave?

Small businesses have been the slowest to seek protection against cyber crime which means that they are more vulnerable to the threat. When you consider that all businesses have an internet presence or make use of the internet in their everyday business dealings it is almost a no brainer to not only take steps to protect your business but also to make sure that you have adequate insurance cover.

Just imagine the cost of replacing lost or impaired data – think about the interruption to your daily business activities.

Data can include employee profiles, client profiles, private corporate information, identifying numbers (Medicare, driver’s licence numbers and the list goes on), information of a personal nature, budget details and credit card information.

Do you really want to put all of this at risk without taking adequate precautions. Well the answer isn’t that hard. You don’t want to be out of pocket so insurance cover is a logical means of lessening the risk to your business.

Cyber crime can include things like identity theft, use of viruses, hacking, online scams and information theft just to name a few.

You can take steps to minimise the risk of cyber attack but the perpetrators of cyber attacks and hacking are becoming more and more sophisticated and keeping up with the latest risk management systems can be daunting and expensive.

You need to take steps to protect you business and you need to do it now. Obviously not every business will need insurance cover but this can best be assessed by speaking to your IT consultant and your insurance broker.

Insurance cover will usually include:

  • – The cost of restoring or recreating electronic data following a breach or leak
  • – Forensic services to investigate a breach
  • – PR coaching in the event a breach harms the reputation of your business
  • – Guidance on how to respond to a breach
  • – Funds to cover the adverse financial effects related to a breach
  • – Funds to cover any fines that might be payable following a breach

If you are looking for advice which is sound and direct then give Andrew Stevens a call. His details are set out below.

*General Advice Warning – This advice does not take into account any of your particular objectives, financial situation or needs. For this reason, before you act on this advice, you should consider the appropriateness of the advice taking into account your own objectives, financial situation and needs. Before you make any decision about whether to acquire the policy, you should obtain and read the product disclosure statement for the policy.