In today’s world, the internet has become an integral part of most businesses. However, this increased reliance also brings about cybersecurity risks that require cyber insurance. If you’re still unsure whether your business needs cyber liability insurance, this article will explore the topic in more detail.

The Basics of Cyber Liability Insurance

Cyber insurance is intended to provide protection for businesses against internet-based risks, including IT activities and infrastructure. This type of cover can be used to minimize the effects of successful data breaches. Therefore, if you’re worried about someone hacking into your social media account or stealing your clients’ data, it may be wise to consider cyber insurance.

Does Your Business Require Cyber Liability Insurance?

Australian business owners may wonder whether cyber insurance should be included in their overall insurance package. Simply put, if your business is handling sensitive customer data, such as names, addresses, and bank details, or you are relying on computer systems for your business operations, you should ensure your business is protected in the event of cybersecurity breaches.

Some business owners assume their businesses are too small to require cyber insurance, but cybercrime rates are on the rise. Most policies can be tailored specifically to meet your business’s requirements and protect against losses if personal identifiable information is stolen, leaked, or lost.

What Does Cyber Liability Insurance Cover?

Cyber insurance can cover various security breaches, including those caused by employee theft, lost equipment, denial of service attacks, hacking, or cyber business interruption.

Reducing Your Business’s Cybersecurity Risk

It would be best if you considered potential risks to your business and whether you can reduce them before deciding to invest in cyber insurance. Even large companies with dedicated IT security departments can be at risk of data breaches, but there are several ways to mitigate these risks, such as:

● Regular Staff Training: Due to constantly-evolving hacking techniques, it’s crucial that your team is up-to-date with the latest threats.

● Portable Device Security: To avoid losing laptops, mobile devices, and data storage in public places and increasing the risk of hacking, keep your devices at work where possible.

● Data Encryption: Scrambling data on hard disks, so it requires a decryption key to access it, is safer than standard password protection.

Data loss or leaks can have severe implications for any business, from server shut-downs that prevent your business from operating to public relations problems caused by the loss of consumer confidence. This can be resolved with cyber insurance.

If you would like to learn more about cyber liability insurance, GSK, based in Australia, is here to help. Our team is available to answer any questions you may have and to assist you in finding the perfect cyber liability insurance for your specific business needs.