Cyber Insurance

What is Cyber Insurance? Cyber insurance can help organisations get back to business after a cyber attack or a data breach. As organisations become more reliant on technology, insurance products need to adapt to the changing environment. Cyber insurance is a tailor made product that provides comprehensive Insurance cover for liability and expenses a business may incur arising out of unauthorised use of, or unauthorised access to, physical and electronic data or software within an organisations computer network or business.

What is Cyber Crime? While technology continues to make the economy more efficient, it increases the risk of cyber attacks and opens up opportunities for hackers, criminals and malicious acts by known people, such as disgruntled employees. Businesses increasingly rely on the interconnectivity and convenience of hardware, data storage, cloud solutions to manage data. This increased dependency creates an environment where predicting and preventing potential cyber attacks is difficult. Cyber attacks have emerged as a serious threat for Australian businesses. The consequences of an attack can be severe, resulting in destruction of assets and reputational damage. As there is only a limited regulatory framework to protect the private sector, businesses need to take action to protect themselves and their liabilities to others.
Added by Surewise on Thursday 7 November 2019
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