Lumaktaw sa pangunahing content

Top 5 Reasons Why Your Business Needs Cyber Insurance

The digital age has opened a lot of doors for businesses and as technology has evolved, businesses have embraced the fact the once complex tasks are now simple and a wider customer base can be reached. However, there are also a number of risks which come of an increasingly digital landscape and many businesses are falling victim to cyber-crime. Luckily, businesses can be protected from these scenarios with targeted cyber insurance. Let’s take a look at some of the reasons why this cover for your business is so important.

1. Cyber-crime continues to grow

Cyber-crime continues to grow and it’s increasingly posing a threat to businesses of all sizes. In fact, the Cyber Security Review estimated that cyber-crime costs the Australian economy up to $1 billion per year in direct costs. Just some examples of cyber-crime that your business could fall victim to include ransomware, spam, phishing scams, hacking and identity theft.

2. Existing insurance may not cover cyber attack

A lot of businesses mistakenly assume that cyber attack will be covered under their general business insurance. However, cyber insurance is a specific policy which will cover the unique risks which are associated with cyber-crime. If you’re not sure if you have the right insurance cover in place for cyber risks, speak with your insurance broker and they’ll be able to take a look.

3. Financial implications of a claim for your business

In many cases, a third party claim following cyber attack can be financially devastating for your business and the actual cost involved is difficult to predict. For example, if all your sensitive client data is breached then you could potentially face a number of claims. It’s not only the direct costs of third party claims you need to worry about – there’s also business interruption, drop in share price and loss of customer confidence.

4. Responsibility for sensitive client data

With so much data these days being stored on business computer systems, it’s easy to forget the fact that you’re responsible for a lot of sensitive client information. Personal information, such as credit card details, are a very attractive target for cyber criminals and you’ll likely be held responsible if a breach occurs.

5. Peace of mind for customers

It’s all about building trust with your client base and having a comprehensive cyber insurance policy in place shows that you take cyber security seriously and are aware of the risks involved. Cyber insurance should form part of your overall risk management strategy for preventing cyber-crime.

For cyber liability insurance Australia, speak to the experts at GSK Insurance Brokers. Our passionate team of brokers are dedicated to providing our clients with the best insurance cover at a competitive price and we have established relationships with top insurers to ensure the deal possible. We understand the unique cyber risks that your business faces and can deliver a tailored insurance package to suit your needs.

For tailored cyber liability insurance, speak with the team at GSK Insurance today on (08) 9478 1933.

The post Top 5 Reasons Why Your Business Needs Cyber Insurance appeared first on GSK Insurance.




Read full article here:Top 5 Reasons Why Your Business Needs Cyber Insurance
via https://www.gskinsurance.com.au/

Mga Komento

Mag-post ng isang Komento

Mga sikat na post sa blog na ito

Professional Indemnity Insurance for Real Estate Agents: Why Do You Need It?

Being a real estate agent means you have an exciting and dynamic job – you can be your own boss, earn a great income and have a flexible work schedule. However, there are certain unique risks that you face which can leave you vulnerable. To give you peace of mind, you should ensure that you have professional indemnity insurance in place to protect yourself financially against claims from third parties. What is professional indemnity insurance? Professional indemnity insurance is designed to protect you if a third party suffers a loss as a result of your professional actions. This could be due to an act, error, omission or breach of professional duty. For most professionals providing a service, including real estate agents, you should have indemnity insurance in place to protect against the financial impact of claims. Not only can indemnity insurance cover part of the costs relating to successful claims, it also provides the means to pay for legal bills involved with the claims proce...
Mag-post ng isang Komento
Magbasa nang higit pa

Who Needs Professional Indemnity Insurance? – Not Me, Right?

Professional indemnity insurance is one of those things that a lot of professionals assume doesn’t apply to them. After all, you’re not a doctor or a lawyer – why would you need it? The truth is that many professionals should have indemnity cover in place to protect them if something goes wrong. Today, we’ll be looking a little closer at professional indemnity insurance and who needs this cover in place. What is professional indemnity insurance? If you provide professional services or advice as part of your job, chances are that you’re going to need professional indemnity insurance. Indemnity cover will protect against the cost of damages or legal bills following a legal claim from a third party if they suffer damage or loss as a result your professional actions. This loss or damage could be the result of an act, error, omission or breach of professional duty. Without indemnity insurance in place, you wouldn’t have any financial protection if a third party decides to take legal acti...
Mag-post ng isang Komento
Magbasa nang higit pa

Adding Up the Cost – What Factors Affect Your Landlord Insurance Premiums

There’s no question that you need landlords insurance if you have a rental property – you face a unique set of risks when you have a tenanted property and insurance provides you with financial peace of mind. But how much will your insurance policy cost? There are a number of factors which can impact on your landlord insurance premiums – let’s take a closer look so you know what to expect. Factors the impact cost When it comes to your premiums for your landlords insurance , your insurer will take into account a number of factors, including: Crime rate – Your insurer will consider the crime rate in the area where your rental property is located so you need to consider this when purchasing a property for rental. In areas at high risk of burglary and related crime, your premiums may be higher. Natural disaster risk – If you’re house is located in an area which is susceptible to natural disasters, this may impact on your premiums. For example, if your home is located in an area whic...
Mag-post ng isang Komento
Magbasa nang higit pa