As businesses rely more on technology, there are a growing number of cyber-attacks every year. In fact, around three in five Australian companies experience a cyber security breach every month.
That’s where cyber insurance comes in – to help protect small business owners against online risks, such as computer hacking, ransomware or data theft.
Every business that has a website or electronic records is vulnerable to cybercrime or an accidental data breach – and the consequences of a cyber-incident can be very costly.
Depending on the situation, you may be up for the cost of ransoms or IT solutions to unlock and repair your systems. You could also be liable for the costs of reporting the breach, legal claims, and remediating any losses suffered by your customers or clients.
Remember, a cyber attack or data breach may cost your business more than just money. It could threaten your intellectual property, put your customers’ personal information at risk and cause major damage to the reputation of your company.
Cyber insurance can help cover financial losses to your business, your customers and other parties following a cyber security breach.
This might include costs associated with:
There are exclusions. There is also often a deductible or excess and limits on cover, so check with Oracle Insurance.