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Cyber Insurance For Your Businesses
What is Cyber Insurance?
Cyber insurance provides protection against the ever-present threats caused by the use of digital and cloud-based technology in your business. It can help cover financial losses to your business, your customers, and other parties following a cyber security or data breach, whether accidental or malicious.
With technology so deeply entwined in modern business, comprehensive cyber insurance is one of your best and most important forms of defence.
Cyber Insurance Coverage Options
Any business that collects data or uses devices with internet/wi-fi connectivity is at risk of cyber losses. Fortunately, there are many types of cyber insurance policies now available. Adroit Insurance & Risk can help you understand the different options and choose the most suitable policy.
Events Covered by Cyber Insurance
Cyber insurance can help you cover a variety of events, including:
- Incident/breach response costs
- Business income loss
- Data restoration costs
- Notification costs
- Legal defense costs
- Cyber extortion
- Regulatory fines and penalties
- Payment Card Industry (PCI) fines, penalties, and assessments
- Cyber reputational harm
- Privacy liability claims
The Impact of Cybercrime
During the 2022-23 financial year, the Australian Cyber Security Centre (ACSC) observed:
- Nearly 94,000 cybercrime reports, an increase of 23 percent from the previous financial year.
- A cybercrime is reported every 6 minutes, on average.
- Answered over 33,000 calls to the Australian Cyber Security Hotline an average of 90 calls a day, an increase of 32 percent from the previous financial year
- Average cost of cybercrime per report, up 14 percent
- small business: $46,000
- medium business: $97,200
- large business: $71,600
Source: ACSC, Annual Cyber Threat Report 2022-23
Assessing Your Cyber Insurance Protection
Ensuring your business has the right cyber insurance policy is crucial. Evaluate your needs and consider the cyber insurance cost, available coverage options, and the benefits it offers. From cyber insurance for small businesses to policies for larger enterprises, Adroit Insurance & Risk can help you find the right protection to mitigate the risks associated with cyber threats and data breaches.
Benefits of Cyber Insurance
- Protection against financial losses
- Coverage for data breaches and cyber attacks
- Legal defence costs coverage
- Business interruption coverage
- Cyber extortion and ransomware protection
Are You Adequately Protected Against Cyber Threats?
Ensure your business is equipped with the right cyber insurance coverage. Consult with Adroit Insurance & Risk to safeguard against potential cyber risks and make informed decisions about your cyber insurance needs.