Cyber Security Insurance – Be Prepared

Is Technology a threat to your business?

Yes, and no – it is something that you need to learn to leverage and use properly – but it can also expose you to a number of vulnerabilities. This is where cybersecurity insurance and cybercrime insurance policies are essential. There are a number of questions floating around at the moment about cybercrime and cyber security, but for you it all boils down to two main questions:

What is cybercrime insurance? And
Do I need cybercrime insurance?

Is your company at risk?

Cybercrime is something that is not going away. With the advent of the internet and development of online presence has allowed for society to flourish, but also allow for more vulnerabilities to be exposed that insurance and the law in general is not always quick to respond to. That is why cybercrime insurance is going to be a strong area of interest for insurance in the coming years.
Cybercrime insurance is designed to protect you and your business in the event of a breach of your data systems. This could lead to loss of data or even in the case of ransomware – a loss of production. Cybercrime insurance is protecting the needs and assets of the insured – whether they are an individual or a company.

Could this affect your company?

Most companies have a level of online presence that you need to make sure is protected. This could be an e-commerce platform on your website, how you talk to the public on social media, your marketing strategies, and the storage of company or client data.

Cover Plus can help identify these new types of policies, explain what is covered and what is not and advise on how best to proceed.

With new legislation coming in, areas like Data Breaches are now important considerations for a business because under the Notifiable Data Breaches (NDB) scheme in Australia you will need to notify the Australian Information Commissioner of any breaches so that the public can be made aware of what is happening. This will apply in a number of circumstances, and is vitally important if you have a high turnover for your company.

Data is everywhere – what are you doing with it?

Also need to consider 3rd party liability and the risks of being sued for inadvertently passing on data to a 3rd party which they have no control over, but may use the data in ways that the original party did not intend. We are currently seeing this play out with the Facebook data collection concerns and the fallout from Cambridge Analytica

With more and more data, especially personal data, being generated every year as we move to more connectivity online and the Internet of Things (IoT) becomes ever-more connected into our homes, we need to be more aware of how this can impact our lives, and the lives of our clients. This is critical because it can often lead to important questions around who owns the data that this technology creates – is the it person who uses it, or the company that created it?

Regardless of the answer, You need to ensure that you are protected in the event of any cybersecurity threats and make sure that you consult a legal professional if you are uncertain about what you can and cannot be doing with data.

Are your staff aware of the risks?

a data breach or ransomware attack can be incredibly expense, and often comes because of a small oversight from within the company – even from highly trained staff. This can be a very high cost which many businesses do not expect. This can be as a result of data corruption or accidents resulting from poor storage, natural disasters or power fluctuations – or alternately could stem from cyber-crimes such as ransomware hacks where new technologies allow international hackers to steal your data and refuse to return it.

With a ransomware threat it only takes one person at your company to click on the wrong link or fall victim to an email scam in order to compromise your whole system.

Recently it was found that in these cases 1 in 5 small-to-medium businesses were shut down because of the costs.

With a tailored cybersecurity insurance policy this can be designed to help prepare you in this event and protect you from technologically driven risks.

Cybersecurity and cybercrime insurance

There is a lot to understand in the world of cyber crime and cybersecurity insurance – Data breaches, data ownership, Ransomware, hacking, personal data selling – the list continues to grow as technology grows, and so you need to ensure your company is able to react correctly if something goes wrong, and so considering your Insurance options in Brisbane and all over Australia is going to be very important for this space.

At CoverPlus are more than happy to talk to you about your needs and help explain this changing industry. You can contact CoverPlus Insurance Brisbane on 07 3368 2412 

By | 2018-04-13T04:43:25+00:00 April 12th, 2018|Brisbane Insurance, Insurance for Companies, News, Technology|