Comprehensive Protection with Cyber Insurance for Small Business
In today’s digital age, small businesses are increasingly vulnerable to cyber threats. Cyber insurance provides essential protection against data breaches, cyber attacks, and the financial repercussions that can follow. By investing in comprehensive cyber insurance, small business owners can safeguard their operations, ensuring continuity and resilience in the face of cyber incidents. This type of insurance not only covers the costs associated with data recovery and legal fees but also helps in managing the reputational damage that can arise from such events. Consequently, cyber insurance is a crucial component of a robust risk management strategy for any small business.
Cyber Insurance is a crucial component of transferring liability risk away from your business.
Budget friendly Cyber Insurance for business
Why do I need Cyber Insurance
If your business becomes a target for cyber criminals or experiences a data breach, Cyber Liability insurance can help manage the situation from the initial notification through to response management, forensic investigations, recovery, and claim payments.
Cyber Liability Insurance is crafted to shield you from claims and maintain your profitability in the event of a cyber breach or attack. It also covers the costs of defending against a cyber claim.
This insurance provides coverage for both third-party claims against your business (such as clients suing for privacy breaches or actions taken by the Privacy Commissioner) and first-party expenses your business incurs following a cyber attack (including the costs of repairing and restoring your systems).
Did you know?
Cybercrime increased significantly in Australia between 2020 and 2021, with a 13% rise in reported cases compared to the previous year. This trend is concerning, as over 60% of small and medium-sized Australian businesses (SMEs) are unable to recover from a cyber attack or data breach. In fact, during the 2020-21 financial year, a cyber attack was reported every eight minutes, and these attacks are becoming more severe.
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