Cyber risk insurance, Geelong and Werribee

Computers and the internet are an integral part of any business, no matter whether office-based or in the construction and trades industries. From emails to client files and other sensitive information, we store a vast amount of data on computers and transfer items via the internet and other networks. Talk to Roderick Insurance Brokers about cyber risk insurance to protect your Geelong business against hackers or other breaches leaving you liable to damages.

Cyber attacks are on the rise and are a constant threat to businesses, and the fastest growing crime in Australia. The risk of cyber attacks and data breaches is increasing in severity and frequency:

• one in five Australian businesses are hacked every year
• $1.06 billion was lost by Australians in 2013 to cyber crime.

The majority of businesses rely heavily on their IT infrastructure and systems to conduct their business. These systems include email, internet connections, websites and computer packages.

If you use the internet for your business, there is a risk that cyber criminals could:

• access your private business and client information
• install malware or viruses to corrupt your data
• force your website offline
• steal online bank access details
• hold your data for ransom.

Traditional insurance policies may provide limited or no cover for these events. Cyber Event Protection Insurance is a product specifically designed for small and medium-sized enterprises (SME’s) to provide protection against cyber events.

What does cyber risk insurance cover include?

Cyber liability covers first- and third-party risks associated with e-business, the internet, networks and informational assets. This includes privacy issues, intellectual property infringements, transmission of viruses and other serious trouble passed from first to third parties via the internet.

A business risk management plan is essential. Our Werribee and Geelong commercial insurance teams can help you assess your risks and come up with a plan in how best to manage them. If the worst should occur, we’ll ensure you have the right insurance protection to deal with the fall-out and help keep you in business.

A cyber risk insurance policy will help you manage a cyber event. It will provide you with a Cyber Event Protection Team to help you respond immediately to potential threats to your business. Cover includes:

• losses to your business, including costs and revenue replacement for investigation expenses, crisis managers and public relations professionals
• loss to others, such as sums payable for regulatory fines, penalties and defence costs for breach of privacy laws
• cyber event response costs incurred for cyber extortion, virus extraction, data restoration, customer notification costs, credit and identity monitoring
• contingent business interruption to cover costs and revenue replacement if external suppliers suffer a cyber loss.

If you would like a quote for cyber risk insurance or would like some advice as to whether you need this policy, please contact our Geelong insurance broker office, call 1800 222 766 or request an insurance quote online.