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What is Cyber Insurance and Why Your Organisation Needs It!

By Surewise 15/10/2020

Cybercrime is increasing globally, along with our dependence on technology, and anyone, including SME business owners, can become victims.

A cyber attack can result in loss of data, assets and business reputation and the ever-evolving nature of technology makes cybercrime difficult to predict and prevent.

But there is a way you can protect your business, should you fall victim to cybercrime…

Here we explore Cyber Insurance and why your organisation needs it.

What is cybercrime?

Increasingly, society and business rely on technology to make our lives and the economy more efficient. With this dependence comes increased opportunity for cyber attacks. These attacks can come from criminals, hackers and known people such as disgruntled employees.

The Australian Criminal Intelligence Commission states there are two types of cybercrime:

  • Crimes where computers or other information communications technologies are a central part of an offence (such as online fraud)
  • Crimes directed at computers or other technologies (such as hacking).

Organisations today face a fast moving cyber environment, one difficult to predict and prevent cyber attacks.

Cyber attack is a serious threat for any business, it can result in damage to business reputation and the destruction of assets and data.

The limited regulatory framework for the Australian private sector means it’s up to individual businesses to protect themselves against cyber threats.

Cyber Insurance is an important part of that protection…

What is Cyber Insurance?

The increased reliance on technology brings an increased risk of a cyber attack. Cyber Insurance helps businesses return to work after a cyber attack or data breach.

Because technology is ever changing, it’s crucial insurance companies and their products adapt with it. So getting properly covered is key…

Surewise’s  Cyber insurance is a tailor-made product that provides comprehensive Insurance cover for liability and expenses a business may incur arising out of unauthorised use of, or unauthorised access to, physical and electronic data or software within an organisations computer network or business.”

Why businesses’ need Cyber Insurance:

Put bluntly, recovery from cyber attacks cost organisations money!

The Australian Criminal Intelligence Commission found, ”cybercrimes are costing the Australian economy up to $1 billion annually”

While you may have the latest cybersecurity systems protecting your business, the reality is cyber threats evolve faster than the technology that stops them. So you’ll never be able to guarantee it will stop all cyber threats…

Cyber insurance can cover certain costs if something does happen and helps your organisation get back to business quicker.

Cyber Insurance can cover expenses arising from such things as:

  • Recovering data
  • Legal claims
  • Misuse of intellectual property online
  • Prevention of further attacks
  • Business Interruption

Unfortunately, cybercrime is part of our technology reliant world. Fortunately, cyber insurance is a way to protect your business if it falls victim to a cyber attack, and help you get back to business.

How to get covered?

For professional cyber insurance advice, contact Surewise today on 1800 273 256 to speak to an insurance expert.

 

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