When the world is depended on IT technology, credit cards and smart phones even the smallest business is at risk from hackers, malware and computer viruses. There are a lot of confidential client information that can put you into a lot of trouble. Without cyber insurance, your company is at risk from hacking and the fines by the Australian system a huge. It was not until the new privacy Act Legislation, that the penalties for breaching the legislation went up to $340,000!For that reason, insurance companies offer your cyber risk insurance policy to help you protect your assets from outside interference. In this article, we will go through the basic things that a cyber risk insurance policy covers.
- Privacy protection – This covers all the costs that the lawyers use to defend and settle claims against you for failing to keep the personal data safe.
- Breach costs – In any case your systems are breached by hackers, this policy covers all the costs to figure out what went wrong and the costs that are connected with notifying your clients, setting monitoring system and minimise the damage to your brand.
- Cyber Business Interruption – This in a way is a compensation for the reduced revenue that comes from your system being hacked. This is a very useful cover because nobody wants to lose money, especially in situations such as hacking in your personal systems.
- Cyber Liability – This insurance covers all the expenses and fines that will come from the breach of the IP rights, transmitting a virus or making a defamatory statement via email or your website.
- Hacker damage – This part of the insurance covers the cost to repair, replace and restores systems and all the data because of the hack.
- Cyber Extortion – Lastly, but the most dangerous is when hackers want you to pay ransom demands and specialist consultant fees, in a situation where the hacker holds or threatens to hold your website, intranet, the internet, network and programs to ransom.
In conclusion, by paying for Cyber Risk Insurance Policy you will have insurance that your company budget is safe from this type of unnecessary expenses that can be reinvested into the expansion of your company. For that reason wait no more and invest in your company in the best way possible, making your company strive to reach higher goals than before.