Cyber Insurance

party is from an EU country.

So what might a Cyber Policy typically cover?

a. Business interruption financial loss due to a network security failure or attack, human errors, or programming errors b. Cost of data loss and restoration including decontamination and recovery of files and hardware c. Emergency incident response and investigation costs, supported by an insurer appointed contractor d. Delay, disruption, and acceleration costs from business interruption event that stems from a cyber-related issue e. Crisis communications with clients and reputational damage mitigation expenses f. Civil Liability costs arising from failure to maintain confidentiality of data g. Civil Liability arising from unauthorised use of your network h. Computer/data network, or data extortion / blackmail (where insurable. Paying this may be illegal under certain circumstances) i. Online media civil liability j. Regulatory investigations expenses

As diligent as you may be at managing your clients’ data, system intrusions can still happen. Given that cyber-crime profits have eclipsed the global drug trade in turnover, I would say it’s a pretty fair assumption that the SME sector will take a beating sooner rather than later. Talk to your broker about Cyber Insurance today, and protect yourself and your clients against extensive losses. For a health check of your business insurance, contact Small Business Insurance Brokers via email sales@ smallbusinessinsurancebrokers.com.au

Any advice in this article has been prepared without taking into account your objectives, financial situation or needs. Because of that, before acting on the above advice, you should consider its appropriateness (having regard to your objectives,needs and financial situation).

Craig Anderson GENERAL INSURANCE

Small Business Insurance Brokers

0418 300 096