Cyber Liability Insurance
Within the past two years, cyber attacks upon Australian Businesses have risen to alarming levels, costing businesses millions. The Australian Bureau of Statistics, stating that at least one major attack occurs to Australian Businesses each day.
Such attacks include:
- having sensitive information about the business stolen through the Website.
- groups hacking into the business websites and holding the data ransom until payment.
- changing information such as prices on goods, resulting in lost income to the business.
Of greatest concern, groups are no longer attacking the Larger Corporations, now rather targeting any business that has an online presence, irrespective of their size.
If your business has an online presence, you are at risk of an attack. Even those on Facebook have an exposure.
A survey recently conducted by McAfee found that 45% of SMEs reported having experienced an attack within the past 12 months.
Whilst another report found that “Specifically Australian companies in retail and financial services are far more likely to experience an attack. In contrast, energy and transportation are least likely to have a breach”.
This increase has resulted in a stark rise in costs to businesses, with a recent studies finding that the average cost to a Business has risen from $2.72 million in 2013 to $2.8 million.
How to Protect your Business.
Keep all your systems and software up to date.
Review and implement software protection such as firewalls and anti-virus onto all PCs. Update regularly.
Conduct an external penetration test to highlight potential area to address.
Limit personal devices that are connected to Business PCs and other equipment.
Scan all USB and portable data storage devices brought into the business for viruses.
Conduct employee training to ensure staff are aware of the risks the company faces.
Write and put in place a data breach response plan in the event of an attack.
Put into place a tested business continuity plan for network downtime.
Cyber Liability Protection Insurance.
Available to all Businesses or all sizes, are Cyber Protection Insurance Policies.
These policies provide the following cover:
- being sued for breach of copyright, libel or slander, plagiarism or defamation.
- lost income resulting in false or misleading information posted on the website.
- being sued for stolen information such as credit-card information from the website.
- cost incurred to maintain business reputation, including costs to repair damage to brands, notifying affected customers and costs toward investigating the source of the attack.
To view more information about Cyber Insurance Policies, click here.
For further information or to discuss your specific business requirements, contact CP Insurance Services on 1300 884 698