Cyber Crime Insurance

• Over 70% of cyber crime attacks target SME’s

• Up to 60% of SME’s that experience a significant cyber breach

• 60% of businesses go out of business within 6 months of a data breach

With the new mandatory breach reporting in place, it makes it very difficult for any business to ignore the importance of Cyber Insurance to protect a business against the ramifications a cyber attack can cause. From denial of service, theft of client data and records, email fraud scams, almost every business is at risk and its no longer a question of if but when will it happen.

These breaches and attacks have the ability to instantly cripple any business by causing major damage and disruption to IT systems and can cause major brand damage.

The costs to businesses from a cyber attack are extensive and commonly include:

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• Incident response costs to identify the cause of the problem, and expenses to implement                                                                        timely effective solutions whilst also protecting the company’s reputation.

• Notification and credit monitoring expenses to inform potentially affected individuals and provide ongoing identity protection and monitoring of client information.

• Fines and penalties and other financial costs associated with liability that arises from a breach of privacy legislation or failure to adequately protect personal information against misuse.
   

Protect your business with a cyber liability policy that will respond and deliver a vital part of your disaster recovery process when your business is completely disabled.

A Cyber liability cover benefits may include:

• Critical 24/7 access to a cyber incident response team to obtain immediate professional assistance in managing the breach.

• Access to professionals who support you during the event such as communication consultants, Forensic IT and security experts and law firms who specialise in IT risk and compliance.

• Cover for fines and penalties.

• Reimbursement of ransom demands.

• 3rd party cyber event cover which guards against customers or employees claims brought by impacted customers or employees for privacy breach.

• Optional Cyber Crime cover.

• Reputational harm cover.

The complexity of cyber risks is increasing significantly and no matter how big or small the business is, the responsibility and liability rests with you directly not an IT manager or IT team. This means that you need to be on the front foot, to ensure you can responsibly deal with data breaches and litigation and manage the situation using a well planned disaster recovery process.

Professional Assurance closely partners with a team of experts that can also deliver full security reviews and audits of systems and processes to make sure your business is as cyber attack ready, as it can be. We also have access to a secure email solution that provides bank level encryption and full audit tracking and recall capabilities to assist in minimising internal and external data breach issues.

 Contact Professional Assurance today to obtain a quote for Cyber Crime Insurance or to know more about the our cyber security and risk management services.