As we enter 2019 the complexity and cost of cyber crime and data breach continues to grow. Comprehensive security for your IT environment is essential and there is good reason to complement it with a specialist Cyber Insurance solution.
The biggest threat to SME's
In 2018, SME's identified the biggest threat to their business as being loss, theft or misuse of their data (Allianz). The fears are justified, according to PWC in the last two years, 45% of Australian companies were attacked by online criminals.
The regulator is paying close attention
As of last year, businesses can be required to report Notifiable Data Breaches to the OAIC and affected individuals. With the laws approaching their first anniversary it's widely expected the Regulator's grace period is coming to an end with fines to follow for organisations and directors found to be in breach.
Consumer attitudes to data protection are rapidly evolving
A 2018 HP Australia IT Security Study revealed many Australians are choosing not to share their personal information with SME's, likely due to growing privacy concerns, despite SME's indicating this data is critical to their success.
Your business partners share your risk, and you share theirs'
The change in consumer sentiment towards data protection hasn't been lost on lawyers as actions and contract disputes emerge in increasing numbers. As businesses come to realise their legal exposure and operational dependency when it come to cyber risk, Cyber Insurance is a valuable tool to reassure counterparts.
What will you do when you're attacked?
The post-breach environment is more complex than ever and for most SMEs assistance is vital for survival. Edmund's Emergency Response service provides you with 24/7 IT security, forensic and legal assistance from breach specialists to get your business back up and running.
Edmund's cyber insurance solution includes Emergency Response powered by KMPG.
Business insurance policies just don't cut it
Your business package insurance policy doesn’t cover cyber risks and will leave you uninsured if you suffer a loss. Cyber is a specialist area of business risk and only a specialist provider can provide you with the confidence of comprehensive protection.