Cyber insurance

Why cyber insurance is important?

Cybercrimes are becoming reality these days which are perilous to millions of businesses and people who are associated with these businesses. Due to a cyber-attack, many companies are forced to shut down or can’t provide services to the customers. A plethora of studies have claimed that businesses are facing 4000 hacks every single day using ransomware alone. As per Thridway org, “There are approximately 300,000 reported malicious cyber incidents per year. Attacks cost the U.S. economy anywhere from $57 billion to $109 billion annually and these costs are increasing.” So, in a single word, every business and companies are susceptible to cyber-attacks.

Which sectors are the most cyber-vulnerable?

Though cyber-attack can happen in any sector, still, some sectors are more prone to cyber-attacks.

·        Businesses which accept credit cards or electronic payments

·        Medical and healthcare companies

·        Banking/credit/financial institutions

·        Businesses that provide professional services

These sectors need special attention and they must enrol for cyber insurance policies. Businesses from these sectors should consult with a cyber insurance coverage agent who will help them to understand their risks and how cyber insurance can help to overcome any bad situation.

What is cyber insurance?

Cyber liability insurance is a type of insurance which is specially designed to cover expenses, business losses, business interruption, and fines and penalties that a company faced after a data breach. Cyber insurance Adelaide also protects companies from a ransomware attack. This type of policy usually covers losses which others may not include.

Cyber-attacks can tarnish the reputation and brand image of a company. That’s why every company needs cyber insurance especially those who use electronic communication or the internet.

The importance of cybersecurity

In 2016, Cybersecurity Ventures claimed that by 2021 cybercrime will cost nearly $6 trillion annually, up by $3 trillion from 2015. This depicts how cybercrime is enhancing day by day and what would be its impact across the world. If you don’t have a cybersecurity policy, then this is the time that you should invest in it so that your businesses can stay protected from the threats of cybercrime. 

These days many people are showing their inclination towards technology and this is one of the reasons cybersecurity has become important nowadays. Everyone is highly dependent on technology because by using these technologies they are finding solutions for their problems whether in personal lives or at work. You store your passwords in various third-party tools such as One Password or LastPass. You can even keep your credit card and bank details in cloud storage services like Dropbox or Google Drive. By doing all these activities, you are throwing yourself to the threat of cybercrime.  

From individual to multi-level organizations, everyone is susceptible to cyber-crime. If you can acknowledge it then, you can surely win the fight against cyber-crime. If you are overconfident and will assume that ‘it will never happen to me’, then you are probably doing the biggest mistake of your life.

Education plays an imperative role which will help you in combating cyber-crime. Everyone of an organization (from the CEO to the clerical staff) should understand the potential risks when they are utilizing a network and various applications. 

Surewise is an established insurance company which offers the clients with various insurances including cyber-crime insurance Australia, cybersecurity insurance Australia, and personal cyber insurance Australia. The company is blessed to have sagacious professionals and experienced teams along with account managers who will help the clients in understanding the importance of cyber insurance for their businesses. To know more about the company and its services, you must visit the website of the company.

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