6 Reasons SMEs need Cyber Insurance

6 Reasons SMEs need Cyber Insurance

As Australian SME’s embrace technology to improve their customers’ experience, they are also increasingly being exposed to the new risks and responsibilities that come with holding important client information. 60% of all targeted attacks in Australia are against SME’s. Here are six important reasons why every business should consider Cyber Insurance:

Complements your IT Security

You have to protect your business by having a strong IT security posture in place and if you haven’t you should use your IT security adviser to assist you. Cyber insurance complements security by providing cover for the financial cost you would otherwise incur if you suffer a cyber breach or threat despite your preventative measures.

Expert help if you’re attacked

Cyber-attacks are stressful and there is a lot to manage. Quality cyber insurance solutions include Emergency Response capability for you to access 24/7. This provides you with legal, IT security & forensic and public relations support. In your hour of need, these experienced specialists will work with to get your business back up and running.

Social Engineering is Australia’s fastest growing threat

Employees are contacted by criminals who use sophisticated tactics to impersonate a trusted party or person. They then use emotional triggers to elicit an action by the employee which usually results in a direct financial loss. Put simply; they gain trust, trick staff and have them transfer large amounts of money out of the business.

Watch this video for more information https://www.youtube.com/watch?v=DhgWplMzeB4&t=6s

Protects your revenue

Whilst you understand and rectify the cyber breach or threat, very often your ability to trade is diminished.  Cyber insurance protects your revenue, reimbursing you so that you’re not worse off as result of the incident.

Legal Protection

Your company could face legal action from third parties for various reasons including allegations you failed to properly protect their sensitive data or due to the inability of others to access data on your system due to a breach. Cyber insurance covers damages, defence costs and regulatory fines.

Business insurance policies don’t cover cyber risk

Your business package insurance policy doesn’t cover cyber risks and will leave you uninsured if you suffer a loss. You should consider stand-alone cyber insurance from a specialist provider.

Edmund Insurance has made it easy for SME’s in Australia to  buy Cyber insurance, by providing an online platform which allows  businesses  to buy a policy in less than 10 minutes.

If you are hacked, threatened or lose data, Edmund covers you for the costs to recover, for any loss of profit and provides you with a 24/7 Emergency Response team when you need them.

Visit https://www.edmundinsurance.com.au/ today and get a cyber insurance quote for your business.

Article provided by Edmund Insurance