Even if you are only a small business in Geelong or Werribee, if you have a website or electronic records, you are at risk for a cyber attack. It is often as simple as clicking on a seemingly legitimate email link and your system can be brought to a shutdown or maybe one day you turn on your computer and you are presented with a ransom demand.
But the good news is, there is insurance available to help you recover your system, notify your valuable customers and get working again….
Cyber Insurance, what is it and why does my company need it? These are the 2 most common questions we get asked when we talk to our clients regarding Cyber Insurance. Before you completely write off the idea of a Cyber policy and try to convince us you don’t need it, here are some facts that may change your mind regarding Cyber crime and the importance of protecting yourself & your business in the cyber world:
- In 2017, 700,000 Businesses will be impacted by Cyber Crime
- 60% of affected are Small and Medium Businesses
- The average cost of a Cyber Crime is $300,000 per business
- 1,346 records are stolen every minutes
- The average cost to the business of stolen records is $140 per file.
- It takes an average of 289 days to detect a hacker
- The average time to resolve an attack is 23 days; however this increases to 51 days if the attack was a malicious insider, employee or contractor.
- In 2021, it is expected the global spend on Cyber Security will exceed $1 trillion and personal data will be a key target for cyber criminals.
- 53% of the cost is on detection and recovery
It’s not only large organisations that are under threat. Individuals or organisations that don’t believe they have much to offer hackers can still be targets. So even if you think you’re a small target, you might still be at risk.
Recently, Telstra released it first Cyber Security Report and based on the data gathered, it found 41 per cent of organisation’s they surveyed had experienced a major security incident in the past three years.
It also found 45 per cent of internet security incidents were the result of staff clicking on malicious attachments or links within emails.
If you would like to know more information or have any questions call and speak to one of our experienced brokers regarding how we can help you with a Cyber Policy.
