A GUIDE TO CYBER INSURANCE
Protect your data and your clients' privacy with cover that
out-thinks the hackers.
You protect your premises, your vehicles and your tangible assets. Yet data loss and internet security has the greatest potential to disrupt your business. Research shows that smaller businesses face the biggest risks, not simply from extortion due to ransom demands. The goal posts are constantly moving as cyber hackers are moving to more sophisticated agendas such as espionage, disinformation, market manipulation and disruption of infrastructure, on top of previous threats.
By law, you are also responsible for the privacy of your clients' personal information, financial data and passwords and could face a hefty fine in the event of security breach
More than 72% of data breaches occur in smaller companies. Even more alarming, statistically, you're probably more likely to be affected by a data breach than from a fire or burglary.
Disruption is the greatest risk.
Yet the greatest loss typically isn't from extortion demands. Disruption of your daily business activities will ultimately prove to be the most costly.
You can reduce the threat, not eliminate it.
Employing IT consultants to install measures such as firewalls and anti-virus software is only part of the solution. As you keep spending more on IT measures you'll face a situation of diminishing returns, as you cannot totally eliminate the risk. It makes better financial sense to offload the risk to cyber insurance.
Small businesses are the most vulnerable.
Research has shown that 60% of small businesses will suffer some form of security breach. Recently a Queensland workwear retailer lost $76,000 to an internet banking fraud. Other research has shown 59% of Asian business suffer a data security breach once a month.
The reassurance of an industry leading solution
At Rose Stanton, we've studied the market and chosen Emergence as our preferred solution. Backed by Steadfast, Emergence was the industry's cyber insurance Product of the Year in 2015 and 2017, and is underwritten by Lloyds of London.