Can your business afford NOT to be covered?

Imagine working for years to build and grow your business for it to be taken away overnight by a hacker you have never even met. That is the stark reality facing businesses within Australia today. The game has changed and the evolving digital world means the threats to businesses are changing on a daily basis. Every business operating in today’s environment should be taking cyber threats seriously and in turn ensuring they have a comprehensive cyber insurance policy in place to protect their business and livelihood.

I know what you may be thinking:
It won’t happen to my business, we are too small!

Well, according to Norton Cyber Security’s SMB 2017 Report, one in four SME businesses were the victim of a cyber attack. To translate, this means around half a million Australian SME businesses have suffered some sort of cyber attack. From phishing emails to ransomware attacks, these threats are affecting Australian businesses on a daily basis.

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Crisis Management Costs

Including forensic IT Costs, legal costs and public relations cost just to name a few

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Breach Notification Expenses

Associated with providing a breach notice to every individual affected by the data breach

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Media Liability Claims

Such as defamation or breach of copyright resulting from electronic publishing

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Repair and Restore

Expenses to repair and restore computer systems and lost business income resulting from the incident, at the end of the day, how does your business operate without your computer systems?

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Defence Claims & Extortion Expenses

Expenses to deal with cyber extortion threats such as ransomware; costs to defend claims from third parties and eventual claim settlements, along with the costs of regulatory investigations and resultant fines & penalties that are insurable at law

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A 24/7 Cyber Incident Response Hotline

(lead by Global Law Firm Clyde & Co) to ensure someone is by your side and working with you closely to resolve the issue as quickly as possible

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Want to learn more about your options and cover? Have one of our cyber insurance Brokers call you back.

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We outsource our IT to a Managed Service Provider, they assure us we are safe!

Dealing with a managed service provider is something most SME businesses choose to do, and whilst most of course provide a basic level of security around your IT, if we have learnt anything in the past few years, no business is safe. If it all goes wrong, a cyber policy can save your business and ensure the cost to get you back up and running is paid for by an insurer, not you!

So what If I lose my customers information, they probably won’t even care!

Nothing could be further from the truth in this day and age. Privacy is the new big thing and customer do care. Under the Privacy Act, mandatory notification laws have recently been introduced in Australia, meaning if you do lose your customers data your business may be required to notify not only your customers, but also the Privacy Commissioner. In the first six weeks of the new legislation, 63 breaches were notified, that’s over 10 a week! Don’t forget as well, if you don’t comply with such laws, your business could be fined $1.8m. A very costly exercise that could see you out of business in no time.

Ok that sounds great, but how much is this going to cost and how quickly can I get my business covered?

The great thing about our cyber insurance solution is it is very affordable. Coverage starts from $900 plus charges for a $500,000 limit, or just $1,200 plus charges for a $1m limit.

Not only is it affordable but the process only takes five minutes. Once the attached proposal is completed and sent to your Account Manager we will work to get you a quotation as soon as possible to ensure your business is protected.

At these prices, the only question left is Can your Business Afford NOT to be Covered!

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