It is often said in insurance circles that when it comes to cybercrime there are three kinds of businesses: those that have been attacked, those that have yet to be attacked, and those that have been attacked, but don’t know it!
Cybercrime is any criminal act arising from the misuse of computing devices and the data they store and manipulate. The heavy dependence of modern businesses on computers and data handling brings great risks
Cybercrime has devastated many a business, and could almost certainly devastate yours if you fail to protect it with adequate insurance.
Your protection starts with an expert assessment of you business’ exposure. This will identify potential weaknesses in your system, and help you understand the vulnerability they represent.
Data theft or destruction, whether for gain or out of malice, are the nightmares we all prefer not to think about. As well as the loss, they can be a PR catastrophe, depressing share prices as the market loses confidence in the security of this fundamental aspect of your business.
A good cybercrime insurance policy from Sydney Insurance Brokers will cover all aspects of cybercrime to which you are exposed, including some you may never have thought of. As well as the obvious risks associated with loss or misappropriation, hey can include:
- Business Interruption – covering losses incurred following a breach, and while the network is being repaired and restored to use.
- Intellectual Property Indemnity – covers you against the costs of defending claims by 3rd parties for using online multimedia material in breach of a 3rd party’s intellectual property rights.
- Extortion – some policies can cover you for ransom payments deemed to necessary to resolve a threat.
- Costs of Regulatory Intervention – depending on the nature of the breach, a data regulator may investigate it, and this can entail significant costs to the business. This is an insurable risk.
- Remedial System Engineering – data breaches can leave a business network in disarray, and the business of restoring it to health can be costly. A good cybercrime policy must cover these costs.
Talk to your Sydney Insurance Brokers consultant today about cybercrime insurance.