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Insurance is required for all Australians. Whether you're running a business, buying your first car, or traveling frequently, it always pays to have insurance. Here at Grace Insurance, we not only provide the best insurance options but also want to educate our customers.
How do you cover your business, and what policies are right for you? Read our posts aimed at business people only, who deal with everything you need to know about this type of insurance.
Meanwhile, if you are an exceptional business owner who runs your business from cyberspace, it makes sense that you protect yourself from uncertainty. When you use the Internet and other digital products, you should avoid any risk. Find out how cyber insurance can help you. Grace Insurance continues to provide useful information about this type of insurance and how you can get the best deal.
Although we are not all business and business minded people, we all live in a house we call home. In this blog, we cover insurance as well as other relevant information.
Grace insurance is also your source for other types of insurance, including medical malpractice, car insurance, and public liability.
When it comes to crime, cyber or otherwise, many people prefer to adopt the belief that only other companies face these risks. And while self-preservation is in our nature, overconfidence and ignorance benefit criminals.
It is important to know that there are ways to protect your company and your customers. Better security and in-depth training of employees is essential, but only cyber insurance can help you deal with a cyber attack.
What is cyber insurance?
Cover, also known as cyber insurance, is a type of business insurance that will protect your company from the damage caused by a cyber attack. Specific policies vary, but cover computer attacks, malicious software distribution, unauthorized use of personal and financial information, data editing, and damage to electronic communications.
If cyber insurance doesn't prevent an attack, do I need it?
The answer is a simple yes. Consider the fact that your health insurance will not prevent an appendix rupture, but it is extremely helpful in paying for your medical care.
Cyber insurance will help you deal with the horrific and costly consequences of a cyber attack. In addition to legal costs, general cyber liability insurance is generally covered;
Data recovery costs
Investigation of the attack
Business Disruption Costs
Expenses of extortion
Penalties and fines issued for violation
The cost of public relations and crisis management
You should also be aware of what is generally not included in the cyber liability policy.
Replacing damaged devices
Damages due to related power outages
Property damage
A deliberate act to harm a computer system
Understand your risks
Cyber attacks and their consequences will vary depending on your industry. The scenario and outcome based on your business type are described below.
Construction industry
Risk of business disruption - more than moderate risk
Risk of privacy breaches - moderate risk
Risk of criminal activity - high risk
Examples of risk in the construction and building industry.
One of your supplier's systems is taken for ransom or otherwise damaged. As a result, there are delays and work stoppages for you due to lack of content.
You receive authentic looking receipts from the company with which you do business and pay for it. Later, you found out it was a fake receipt, and you can't get your money back.
Education
Risk of business disruption - less than moderate
Risk of privacy breaches - high risk
Risk of criminal activity - moderate risk
Examples of risk in education.
Compromised employee emails open the door to fraudulent activity.
Cybercriminals gain access to student and staff files, leading to the distribution of personal information on the Dark Web. In addition, you may face fines and you must report violations to anyone who may be affected.
Health care
Risk of disruption to business - high risk
Risk of privacy breaches - more than moderate risk
Risk of Criminal Activity - Medium
Examples of risk in healthcare.
PHI can be stolen, which leads to the implementation of a wide range of information and plans to fix problems.
Ransomware or malware disrupts the delivery of healthcare.
Doctor who uses laptop and smartphone.
Manufacturing
Risk of disruption to business - high risk
Risk of privacy breaches - less than moderate
Risk of criminal activity - high risk
Examples of risk in manufacturing.
Troubles caused by hackers slow down or stop the production of you or your partners.
Hackers block payments and other sensitive information between your company and your partners.
Professional service firms
Business Risk Risk - Medium Risk
Risk of Privacy Violations - Moderate Risk
Risk of criminal activity - high risk
Risk Examples for Professional Services
Hackers can gain access to your email and accounts and then reroute your clients' payments or create fake receipts.
Public institutions
Risk of disruption to business - high risk
Risk of privacy breaches - more than moderate risk
Risk of criminal activity - moderate risk
Examples of a threat to public institutions.
Sensitive information from your records can be shared or sold on the Dark Web.
Ransomware can interrupt public services and endanger the public.
Retail
Risk of business disruption - more than moderate risk
Risk of privacy breaches - high risk
Risk of criminal activity - high risk
Examples of risk to retail.
Cyber-attacks cause you to lose money because customers can't buy from you and in some cases, lose confidence in your ability to protect the information you need.
Your users' personal information is taken in violation of the data. You will have to pay to notify consumers, and you may face regulatory penalties. In addition, your reputation is greatly affected in public.
Technology
Business Risk Risk - Medium Risk
Risk of privacy breaches - more than moderate risk
Offender Risk of oral activity - moderate risk
Examples of threats to technology.
Ransomware takes your system hostage, making it impossible for you to perform your duties.
When information about your clients is collected, you are responsible, and ready to seize their personal information on the Dark Web.
Transport and logistics
Business Risk Risk - A high risk
Risk of privacy breaches - moderate risk
Risk of criminal activity - moderate risk
Examples or hazards in transportation and logistics
Hackers gain access to personal information and use it maliciously or divert payments to your company.
Your tracking system is charged with ransom, which leads to lost items and massive delays.
A warehouse worker checks a parcel.
If you are not sure, cybercrime is a major threat to your company. Take a look at these statistics.
Half of all small and medium enterprises (SMEs) reported cyber attacks within the last year
SMEs pay 2. 2.2 million annually for cybercrime.
More than 43% of cyber attacks target small businesses.
About 60% of SMEs exposed to cyber attacks go out of business within six months.
In the last 18 months, two out of every three SMEs have suffered a ransomware attack. About 20% of these businesses spent $ 250,000 to repel the attacks
Although it is always advisable to take steps to avoid becoming a victim of cybercrime, criminals are constantly improving their tactics. In the 2021 study of Verizon's data breaches, the time it takes to detect a hacker is very slow. A hacker can capture your entire customer database in just a few hours. However, on average, it takes 200 days for an attack to be detected. This is more than half a year of unlimited access to sensitive information. As you can see, cyber insurance is the best way to protect yourself and your company from cyber attacks.
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You've worked hard to start and run your own business, so don't let hackers tear up what you've created. At Grace Insurance, we offer comprehensive and customized cyber insurance to our clients to help protect your product.
Cybercriminals are devoting 100% of their efforts to attack businesses like yours. Can you let them get away with it? Contact us for information on insurance coverage and ways to reduce risks.s.
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