As a small business owner, you may think you don’t need to worry about cyber-crime and how it could impact you and your business or protecting yourself from it with cyber insurance. Because let’s face it, why would an evil cyber-villain waste their time hacking into your small business?
What you may not realise though, is that evil cyber villains don’t discriminate. Whilst they do target large organisations, they also take the time to target smaller organisations such as yours. Smaller business owners may think they don’t need to worry about cyber security or insurance, let alone be able to afford it.
So how many small businesses are targeted? Not surprisingly, business owners don’t like to advertise the fact that they’ve been attacked. This makes obtaining accurate statistics a little difficult. Based on what we do know though, it’s estimated that 4,000 ransomware and 230,000 new malware samples (the bad stuff) are produced every single day. That’s a lot of evil cyber villains in the world!
If these statistics have alarmed you, then you may want to find out how you can protect your small business from cyber-crime (and fast). And whilst reputable anti-virus software, secure backups, firewall technology and other security software and procedures are important, none of them ensures complete protection. This is where cyber insurance comes in.
What is Cyber Insurance?
Cyber insurance doesn’t stop you from being the victim of a cyber-attack, nor does it catch the villain or make it all go away (we wish). What it does do though, is insure you against the costs associated with a cyber-attack.
What are the costs associated? Well, depending on the situation, you may be up for the cost of ransoms or IT solutions to unlock and repair your systems. You could also be liable for the costs of reporting the breach, legal claims, and remediating any losses suffered by your customers or clients.
So, I am sure you can see why it’s crucial to speak to an IT professional about what solutions could be put into place to help prevent any cyber-attacks.
What can Cyber Insurance cover for a small business?
Cyber insurance for a small business can cover:
- Loss of revenue due to interrupted business
- Hiring negotiators and paying ransom
- Recovering or replacing your records or data
- Liability and loss of third-party data
- Defence of legal claims
- Investigation by a government regulator
- Copyright infringement
- Misuse of intellectual property online
- Crisis management and monitoring
- Prevention of further attacks
Still think your small business doesn’t need it? Remember, it’s estimated that 4,000 ransomware and 230,000 new malware samples (the bad stuff) are produced every single day! So, why would they leave your small business out of the equation? How would you recover without cyber insurance, in the event of your business be attacked? Would your business survive? Something to think about…
Remember, simply taking out an insurance policy won’t protect your business from a cyber-attack. To adequately protect you, your small business and your clients, you need to talk to an IT professional about a comprehensive cyber risk management plan.
For the insurance side of things, Contact Grace Insurance in Joondalup today, to find out more about Cyber Insurance and why your Perth small business needs it.