Cyber insurance is expensive

Posted February 28th, 2019 in cyber insurance, Data Breaches, Edmund

As organisations have become increasingly dependent on technology to do business, cyber insurance has developed into one of the most important types of coverage for today's businesses to carry.

Yet, cyber insurance is also one of the least understood types of cover on the market.

This series will help clear up any misunderstandings you might have about cyber insurance and how it can protect your business.

True or false?

Cyber insurance is expensive

Not if you have a claim! 

Cyber risks are becoming an increasing threat to businesses. According to PWC ,in the last two years, 45% of Australian companies were attacked by online criminals. 

Yet many SMEs believe that their operation is too insignificant to interest cybercriminals. 

This is backed up by research, which has shown that most of us look at the statistical likelihood of suffering a loss, and assume it won't happen to us. Cyber insurance then seems like a costly and unnecessary expense.

Yet, should the unthinkable happen, having a 24/7 Emergency Breach Response Unit on hand and ready to act is invaluable. And, it’s included automatically as part of our policy. 

Like a more complex, cyber risk version of roadside assistance, The Emergency Response Unit specialises in handling data breach and cybercrime incidents. Taking a huge strain off you dealing with an incident personally.

 Edmund's cyber insurance solution includes Emergency Response powered by KMPG

KPMG, your first call after a breach

Ultimately, you should think about cyber insurance as a win-win. Every year you pay your premiums and don't claim, you've done well to avoid a cyber breach.

However, should you make a claim, the premium in that year will be a small fraction of the total claim you’d receive.

And should you ever need to make a claim there will be a moment you realise you’re glad to have cyber insurance and it's been worth every cent.

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