Every year, Australian businesses lose up to $1 billion to cybercrimes, and the problem is only worsening as time passes. Statistics from the 2012 Report on Economic Crime in Australia actually reported that up to 30% of their respondents have become victims of cyber criminals. For this reason, many reliable insurance brokers in the Sunshine Coast like Insuring theProduct are now offering cybercrime liability insurance for businesses.
What is Cybercrime?
Insurance and Risk Professional magazine writers Chris Sheedy and David West described cybercrimes thus:
Cyber crime encompasses almost any criminal activity that can be perpetrated via the internet and computers. Cyber crimes include cyber-stalking, industrial espionage and information theft, fraud, extortion, identity theft, phishing scams and cyber terrorism. Cyber criminals use malware and viruses, computer and network hacking, denial of service attacks and fraudulent online scams to perpetrate their crimes. They find it relatively easy to access computers and networks inadequately protected by virus software or passwords. They will also directly steal laptops, computers and mobile devices and take advantage of computers that are left unattended.
Australian cybercrimes legislation is already in full-force throughout the country, with its core focused on matters like data protection, communications storage, and access. Despite this, businesses can still give their digital resources sufficient insurance protection.
Cyber insurance isn’t a new thing, though—it’s been around for approximately ten years. Even though it offers efficient risk management potential, not to mention that it cuts down on the cost of cleaning up after a breach, only about one percent of all Australian businesses are covered. This is in contrast to other countries that have at least 25% of their businesses covered.
If you don’t want to be a statistic but instead protect your business against infiltration via cyberspace, it’s only prudent that you hire reliable Sunshine Coast insurance brokers and have them assess your cybercrimes liability insurance protection needs. Be sure to check the coverage before you sign on to know exactly what you’ll be protected against.
Don’t take chances. Reduce the exposure of your business to cybercrimes risk—and the costs that you might have to incur—by investing in reliable insurance coverage today.
(Source: Cyber Crime: The elephant in the room?, Insurance and Risk Professional magazine)