Does your business have a digital presence—whether it be an ecommerce store, website or social media page? Do you use digital technologies in your everyday business activities—such as email, CRM or ERP software? In this day and age, the chances are you’re utilising computerised platforms and systems to run your business; from online advertising to the fundamental back-end systems that enable your business to function. If these were to become compromised, what would be the impact? Cyber Insurance is designed to mitigate certain financial risks brought about by events such as cyber security breaches.
At Coast & Country Insurance Consultants, we work with clients to source suitable Cyber Insurance for their businesses. Based in The Entrance, we help local clients throughout the Central Coast. We can also assist clients Australia wide! Call (02) 4334 3622 and talk to our brokers & advisors today.
Wherever digital technology is deployed, there will almost certainly be vulnerabilities. As far as software is concerned, keeping on top of updates will help patch some of these vulnerabilities but they’re almost impossible to eradicate completely. Cyber-attacks are often designed to infiltrate these weaknesses and hold businesses to ransom. By gaining access to sensitive client details, financial information and intellectual property—amongst other things—perpetrators can cause serious reputational and financial damage to businesses both large and small.
Cyber Insurance can play a key role in minimising financial losses if a cyber-attack occurs; it shouldn’t be seen as a replacement for having suitable cyber security or an understanding of cyber risk, but it should help if all else fails.
Talk with our brokers & advisors today and we will help tailor insurance to match the specific cyber risks your business faces.
Cyber security is the term given to a range of processes, controls and technology that are deployed to protect against cyber-attacks. As cyber-attacks become more sophisticated, cyber security efforts need to keep up with these changes, otherwise the risk of a potential breach increases.
The main purpose of Cyber Insurance is to cover specific costs associated with electronic data breaches. Depending on your policy, this may cover the cost of notifying your customers of the breach, and any associated fines, penalties and litigation costs. It can also provide cover if the breach was caused by an employee.