Is Your Business Prepared For A Cyber Attack?


By Kim Harrold

With the introduction of new privacy legislation and increased publicity around cyber attacks recently, there has come a heightened awareness by businesses of the risk of privacy and cyber exposures.

The numbers are alarming, with more than 20% of Australian businesses experiencing crime, and 40% of all attacks directed at small to medium-sized enterprises.

Some of the common events that can result in a cyber insurance claim include:

  • A hack attack
  • Breach of privacy
  • Lost or stolen iPad or laptop computer

Cyber liability insurance covers many components including:

  • Liability to third parties from a failure to keep data secure can incur costs and compensation for investigations, legal costs, fines and penalties for breaching the Privacy Act.
  • Costs you may incur as the insured such as extortion costs, for example ransom and payment to hackers, public relations expenses and IT forensic costs.
  • Loss of profits and additional expenses reimbursement to keep your business operating as normal.

Don’t wait until it’s too late. It’s not a matter of if, but when you will be attacked!

Kim Harrold is a senior broker with Southbank Insurance Brokers. Contact her on [email protected] or give them a call on (07) 3844 6800.

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