Peter Vickers Insurance Brokers

By Peter Vickers Insurance Brokers | business, small business, Insurance, Cyber Security, cyber insurance |

Cyber Insurance, this is why you need it now! Cyber-attack is the biggest business risk in Australia, according to an annual World Economic Forum (WEF) survey of leaders. About 54% of local respondents listed cyber as the top danger. The survey findings were released ahead of the WEF’s inaugural Jobs Reset Summit on October 20-23.

Broker Marsh has urged Australian businesses against underestimating the ransomware threat, labelling the data-encryption malware as the “biggest threat” they face from cyber adversaries.

Ransomware attacks and extortion demands, which used to be in the sub-$1 million range, have risen to as high as $15 million. “It’s the biggest threat faced by corporate Australia at the moment,” Pacific Cyber Practice Leader Kelly Butler told insuranceNEWS.com.au. Read the full report here

While Insurance is just one strategy to protect your business, you can also adopt a risk-based methodology using the Australian Signals Directorate's Essential Eight framework .

So what can Cyber Insurance Cover? While you can’t always prevent a Cyber-attack, you can be protected against one. A Cyber Insurance Policy can cover you for expenses related to the following:  

  • Interrupted business
  • Hiring negotiators and paying a ransom
  • Recovering or replacing records or data
  • Liability and loss of third-party data
  • Defence of legal claims
  • Copyright infringement 
  • Misuse of intellectual property online
  • Crisis management and monitoring
  • Prevention of further attacks

It is important to remember that your Business Liability Insurance doesn’t cover you for a Cyber Attack or Data Breach. 

How we can help – We aim to bring you the best policy that supplements your current Business Insurance. Contact Peter Vickers Insurance Brokers today to discuss on 1300 784 011

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SYDNEY


Suite 2/345 Pacific Highway,
Lindfield, NSW 2070

T: 61 2 9496 2300
services@pva.com.au


Peter Vickers Insurance Brokers

Suite 2/345 Pacific Highway
Lindfield NSW 2070
T: 1300 784 011
enquiries@pvib.com.au

WINDSOR


Suite 3, 31 Brabyn Street
Windsor, NSW 2756
T: 61 2 4577 4455
windsoroffice@pva.com.au


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