Tag Archives: SME

  • 1 in 5 businesses get hacked every year. Cyber Insurance can protect you.

    Posted on 12 June, 2015

     

    Digital technology has changed the way most companies do business but their insurance cover has not always kept pace. Cyber attacks and other cyber events are now some of the most common forms of losses faced by businesses. As this risk is moderately new and has grown rapidly many businesses are not adequately covered by their existing business insurance.

    Most businesses have insurance cover for fire. A cyber attack or event is akin to a digital fire and can have a similar impact to the operations of your business.

    Cyber attacks and data breaches are growing fast and increasing in severity.
    It doesn’t matter what the size of your business is. If you handle customer or transaction data, you run the risk that a data breach could lead to significant costs due to business interruption or others making claims against your business.

    Cyber cover can PROTECT YOU in 4 ways:

    • Losses to your business
    • Loss to others
    • Cyber event response costs
    • Contingent business interruption

    Cyber insurance can COVER YOU for the following events:

    • Point of Sale intrusions
    • Web app attacks
    • Insider and privilege misuse
    • Physical theft and loss
    • Payment card skimmers
    • Crimeware
    • Denial of service
    • Cyber espionage
    • Miscellaneous errors – Human error
    • Cyber extortion

    When you are hit with a cyber attack you need immediate expert support to help you assess, manage and respond to the threats to your business, customers and other other parties. Cyber cover can give you this support and protection.

    Where are the gaps in your traditional insurance policy?

    Traditional insurance Potential shortfall
    General liability covers Unlikely that policies will provide cover for data breaches
    Property Covers Typically require physical loss or damage and may specifically exclude electronic data
    Directors and officers/management liability Would usually only respond to actions brought against D&O’s for wrongful act
    Professional indemnity/Errors & Omissions Cover is not usually afforded for information/data breaches (unless part of professional services
    Cyber Extensions Most cyber extensions are only as effective as the underlying policy cover.

     

    To find out more about the market leading and competitively priced Cyber event cover for SME businesses call one of Donnellys Business insurance broking consultants on (08) 8236 7777

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