Cyber attacks have rapidly evolved into one of the biggest threats facing Australian businesses, particularly small to medium enterprises (SMEs). While large corporations tend to grab headlines when major breaches occur, SMEs are actually far more likely to be targeted.
Why? Because smaller businesses often have:
- Fewer IT security resources
- Less staff training on phishing and social engineering
- Outdated or unpatched software
- Limited recovery plans
A single cyber attack, whether it’s a ransomware lockout, email compromise, or data theft, can cause massive disruption. It can halt operations, result in regulatory fines, expose client data, damage your reputation, and in some cases, force a business to shut down entirely.
Enter Cyber Insurance
Cyber insurance is designed to help businesses respond quickly and recover from these events. Depending on your policy, it may cover:
- IT forensic investigations to identify and remove malware
- Costs to recover or restore IT systems and data
- Business interruption losses
- Notification to affected customers
- PR and crisis management
- Legal fees and compensation claims
Most Cyber insurance includes 24/7 breach response teams, who can offer immediate help and assistance to isolate threats and get your systems back up and running.
Preparing for and Managing a Cyber attack
Managing the ever-increasing threats of cyber-attacks is difficult. Cyber insurance will provide a financial safety net to reduce the impact and help to get your business up and running as soon as possible, minimising disruption to customers and staff.
Talk to your insurance adviser today, they can provide advice and options to meet your budget and needs.
Contact Lewis Insurance Services on 07 3217 9015 or send us an email by clicking here.
This article was published by our AFSL Licensee, Insurance Advisernet Australia P/L, www.insuranceadviser.net
Disclaimer:
This information and any accompanying material does not consider your personal circumstances as it is of a general nature only. You should not act on the information provided without first obtaining professional financial advice specific to your circumstances and considering the Product Disclosure Statement