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Cyber Risk

With more than 1 in 3 businesses now affected annually by cyber attacks, it is essential for all businesses to review their risk level.

The Australian Government reports that:

  • The average cost of a cyber crime attack to a business is $276,323
  • 53% of the cost is on detection and recovery
  • The average time taken to resolve an attack is 23 days, increasing to 51 days if the attack was carried out by an employee or contractor

Ref: StaySmartOnline

If you cannot afford this financial cost and time impact to your business, we strongly suggest you consider Cyber Risk insurance. Whilst there are substantial differences between various insurers’ policies, generally speaking the following covers are available:

 

  1. Your costs incurred through:

– restoration of your data

– business interruption

– extortion

– investigation costs

– public relations costs to minimise reputational damage

 

  1. Third party claims such as

– liability arising from breach of privacy or confidentiality

– insurable fines and penalties

We also offer cyber risk benchmarking surveys to assist you in better understanding your cyber risk and how to manage it. More details can be found here or simply contact us to discuss further.