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Cyber Protection Insurance is a relatively new form of cover. It’s designed to help protect your business from the financial impact of computer hacking or a data breach.
In February 2017 the Senate passed the Privacy Amendment (Notifiable Data Breaches) Bill 2016 -setting up a mandatory nationwide data breach notification scheme. This means if you spot a security breach which may cause unauthorised access or disclosure of personal information, you’re legally required to report it to the Office of the Australian Commissioner within 30 days. You’ll also need to notify the people whose information has been affected.
If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, it’s likely that your business will suffer a cyber attack at some stage.
A cyber attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk - which could damage your reputation.
"The scale and reach of malicious cyber activity affecting Australian public and private sector organisations and individuals is unprecedented. The rate of compromise is increasing and the methods used by malicious actors are rapidly evolving."
Prime Minister Malcolm Turnbull, Australia’s Cyber Security Strategy Report, 2016
Digital technology has changed the way most companies do business but their insurance cover has not always kept pace.
Cyber attacks and other issues are now some of the most common forms of loss faced by businesses but many remain unsold on the value of cyber insurance.
To help illustrate its importance, NIBATV has prepared a short animated video spelling out what it can do and the risks faced by businesses without it.
Australia is the 5th most targeted country for cyber attacks globally
More than 20% of Australian businesses have experienced cybercrime, with 40% directed at SMEs
75% of cyber attacks come from human error
The average cost of a cyber incident in Australia is $276,232