Cybercrime Insurance in the Sunshine Coast a Must for Hotel Market

Last July, 2014, Australian Federal Police busted a Russian cybercriminal ring’s attempt to steal a whopping $570 million from hacked companies. Commander Glen McEwen, head of the hi-tech crime unit, said the hackers manage to get away with some money. Had any more money been stolen, however, Australia’s cybercrime problem could’ve ballooned past $5 billion a year.

why hospitality is a target for cybercrime

Despite the authorities’ best efforts to crack down on these rings, cybercriminals are more elusive than regular ones. With a laptop in hand, or even a tablet, these rings become more mobile, allowing them to evade law enforcement more effectively. As such, self-defence remains the most effective measure in deterring cybercrime.

This piece of good news couldn’t have come at a better time. Eric Lowenstein, security expert at Aon Risk Solutions, believes Australia’s hospitality industry is in danger of losing millions, if not billions, to hackers. Many transactions at hotels and restaurants are done via credit card, which are prime targets for point-of-sale intrusions.

How you’ll thwart attempts to steal personal information is a matter for security experts. With the harrowing implications of cybercrime all too real, your business warrants an extra cushion. You need something that can cover the cost of equipping your business with the most advanced network security measures your computer can bear. You need cybercrime insurance.

Surprisingly Easy

As many white-hat hackers have demonstrated before, hacking today is surprisingly easy. All a person needs is a good computer and software to initiate attacks. In some cases, Lowenstein writes, the attack can be made simpler by social media. As businesses take off to Facebook and Twitter to promote their goods and services, defamatory hacking can be a reality.

Cybercrime insurance in the Sunshine Coast not only covers the cost of network security but also the aftereffects of an attack. No matter how advanced a business’ security system is, it’s still prone to failure. The insurance will mitigate the effect of profit loss brought about by various network attacks, allowing the business to operate amidst the damage.

Just as surprising, applying for cybercrime insurance is also easy. The business only needs to notify a professional small business insurance broker like one from Insuring theProduct that they desire extra protection. The brokerage process, which includes risk assessment and quotation, will take around half-a-month to complete. In the end, however, the result will be the extra padding that your business will need for the foreseeable future.

(Source: “Why hospitality is a target for cybercrime,” Hospitality Magazine, July 23, 2014)

Keep Up To Date

Join our Newsletter for regular relevant insurance and risk management updates for your business

Explore Insuring theProduct