Insurance in the Sunshine Coast Is Backstop for Cybercrime Liability

The rise of a digital world and so-called paperless society has also created new threats for site owners and businesses, prompting big companies to insure themselves against cybercrime. You will need a trusted insurance professional to help you identify the kind of policy your company needs. Computer crime or cybercrime is a fast-growing danger that thrives in the anonymity and convenience of the Internet that assessing the damage can be hard to peg down, according to a research paper written by James Andrew Lewis and Stewart Baker of the Centre for Strategic and International Studies (CSIS).

Insurance in the Sunshine Coast Is Backstop for Cybercrime Liability

The danger is especially alarming and rampant in the financial services industry and other businesses that use online transactions as mode of payment or for tracking personal accounts. According to Greg Medcraft, chairman of the Australian Securities and Investment Commission, the protection against cybercrime penetration for any business should follow international standards. If your business is in need of foolproof security and potential compensation in the future, consult with people who know insurance in the Sunshine Coast, such as the experts from Insuring theProduct.

Defining Dangers

Discussions with a credible small business insurance broker should uncover the potential liabilities to which your business is exposed. Special situations are dependent on the type of industry you engage in and the level of competition.

The CSIS paper touched on cybercrime as being able to penetrate an online business through hacks of its website and skimming off vital data, especially customer details. This, in turn, forces the business to spend more capital on damage-control efforts. Worse, customers might stay away knowing that their data were compromised, even after business operators have notified them of the situation and recommended protective measures, such as crosschecking their most recent transactions.

Covering Bases

If your business has not faced any cyberattacks, the time is ripe to shore up your defences on the insurance and data security front. A preferred insurance brokerage service like Insuring theProduct will evaluate your business’ risk management options to properly negotiate with certain insurers on creating a policy programme for your business. Planning for proper coverage prevents the sudden emergence of issues that were not evident at first.

Hospitality Magazine claims that cybercrime losses among Australian businesses top $4.5 billion a year. When your business might be among those tallying losses due to cybercrime, it’s never too late to protect your business and safeguard customers’ trust in the security that you offer. Call an insurance specialist today.

Sources:

The economic impact of cybercrime and cyber espionage, Australian Policy Online

ASIC predicts cyber-crime benchmarks for all, Investment Magazine

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