Cyber crime is the fastest growing crime in the world with professional criminal syndicates targeting vulnerable small to medium sized businesses. It is estimated by the Australian government that more than 700,000 Australian businesses have experienced cyber crime, making Australia now the fifth most targeted country for cyber-attacks. 40% of all cyber-attacks target vulnerable small to medium businesses, as they often don’t have the resources to invest adequately in security.
Broadly speaking, SME's tend to have weaker network security and invest less in IT infrastructure. They also tend to be less educated on cyber risks - 42% of cyber incidents are due to simple mistakes such as losing a smartphone or sending an email to the wrong person (Symantec 2015 Internet Security Threat Report Vol 20.)
New Privacy legislation was introduced from March 2014 with penalties of $340,000 for individuals and $1.7 million for companies breaching legislation.
Cyber cover can help protect businesses from the financial impact of a cyber attack or privacy breach. Cyber Insurance offers a broad cover for wide variety of risks resulting from the use of technology. Features may include:
- Cover for your civil liability resulting from data breaches
- Contractual fines coverage, including credit card company and PCI fines, arising from privacy breaches
- Cover for your own costs to notify individuals in the event of a privacy breach where required by law and the cost of actions taken to mitigate a larger liability claim
- System repair and restoration cover in the event of accidental damage to data, including a computer virus or hack attack
- Cover for your lost revenue arising from system downtime after a computer virus or hack attack
- Electronic fraud coverage
- Cover for your liability arising from a breach of statutory ecommerce duties
- Media liability cover for electronic content, including intellectual property rights infringement and defamation
- Give you cover you for claims made anywhere in the world as standard
- An experienced claims panel will react quickly and locally, from privacy breach notification to electronic fraud investigation
- If your brand is at risk, they will hire PR consultants to manage the impact.
For more information on how you can protect your business against cyber crime please contact AB Phillips on 03 8586 9333 or email firstname.lastname@example.org