Technology has become an embedded part of modern business, consider the nature of your company and its reliance on email correspondence, computer software, internet sales processing, electronic data storing or even social media. It is not uncommon for businesses store a wealth of information online, however in recent times security is becoming increasingly more important. Safeguarding your information from hackers and malicious third-parties should be top priority.
Amendments to Australia’s privacy laws have been made in light of the growing global trend: cyber crime. The amendments have increased the obligation placed on organisations that manage and collect personal information. If you find yourself to be the subject of cyber crime you could become liable to civil fines and penalties, in most cases the forensic investigation alone costs between $50,000 – $100,000.
In light of this, cyber insurance has been created to protect companies who have the correct procedures in place but still fall victim to hackers. Cyber insurance is a new type of insurance that protects your company’s data against viruses, hacking and in some cases loss of income. Cyber insurance also can pay blackmail costs if your data is being held at ransom.
If your company hosts a register of private information or relies on the internet to remain productive then you should ensure you have the correct insurance to protect you and your company.