There’s no doubt that the sophistication of cyberattacks from hackers, spammers and other cybercriminals is increasing. Attacks are becoming better planned and more advanced, putting to the test the cybersecurity policies of many Australian organisations.
No matter how strong your cybersecurity systems are, there’s always a chance of a particularly large or stealthy attack being able to penetrate the cybersecurity of your business.
That’s where cybersecurity insurance can act as a lifesaver when your business experiences cyberattack. Here, we let the specialists at Real Innovation Group discuss the ins and outs of cybersecurity insurance and why a good quality policy is imperative for all businesses who use the internet on a daily basis.
What is cyber insurance?
Cyber insurance is like any other insurance policy; you take it out so that, in the case of an unexpected event, you’re financially covered for it. You insure your car so that if an accident occurs, the repair bills are covered by your provider. You insure your home so that, if a fire occurs, the damages won’t come out of your pocket.
Cyber insurance is a service that not only helps protect you from the financial blow of cyber-attack, but also assists in the recovery of data, mitigation of cyber extortion and other factors which can prove greatly detrimental to your business. Just like home and car insurance, you pay a fee to a provider which covers you should attacks like these occur.
Managed internet services are particularly handy for multi-location businesses. They offer consolidated
Who needs cyber insurance?
Any business which uses the internet to conduct daily operations should ideally have a cyber insurance policy. This includes everyone from retail stores, to banks, to health practitioners, to service providers and more.
What does it cover?
Cyber insurance policies are adaptable, and can be catered to your business’s specific needs. A good quality cyber insurance policy should include areas like:
- Forensic investigations
- Litigation expenses
- Regulatory defence expenses/fines
- Crisis management expenses
- Business interruption
- Cyber extortion
Real Innovation Group offer flexible cyber insurance policies for all their Australian customers. We work alongside you to develop a solid, reliable cyber insurance policy that’s catered exactly to your needs.
What are the benefits of cyber insurance?
No matter how big or small your business is, there are several benefits in taking out a cyber insurance policy. The main reasons why Australian businesses invest in cyber insurance include:
- Protection from data theft
All businesses have valuable data which we want to protect at all costs. Your business is most likely liable in the event of personally identifiable information (PII) or protected health information (PHI) is exposed.If a breach of these types of information does occur, cyber insurance is there to cover breach notifications, defence expenses and remediation expenses. Data breaches of this scale can incur enormous fines and settlements, and your cybersecurity insurance policy is there to cover at least part of it.
- Protection from lost or stolen devices
The Australian Bureau of Statistics found that more than two thirds of Australians work from home regularly. Often, these WFH employees use personal devices such as laptops, tablets and smartphones which contain sensitive information pertaining to their organisation. Should a device be stolen from an employee’s home, this poses the risk of data exposure.One benefit of cyber insurance is that a good policy may include Network and Information Security Liability, which covers failure to prevent unauthorised access to, or use of, data containing private or confidential information of others.
- Coverage of notification requirements
When an information breach does occur, your business is required to notify each affected individual. This can cost hundreds of thousands of dollars, depending of the scale of the breach. Cyber insurance can also be used to cover these costs in the event of a data breach.
- Computer forensics teams
Another benefit of cyber insurance is that it may cover part of the cost of a computer forensics team, which is necessary for assessing the scale of a data breach.
Why choose Real Innovation Group for cyber insurance:
Real Innovation Group have been developing innovative, personalised IT solutions since the very beginning. Our cyber insurance policies are tailored to your needs and can be easily adapted, increased or scaled back depending on your changing business landscape. Our policies are reliable, and our customer service is next to none.
Real Innovation Group are Australia’s cybersecurity insurance experts
When your business needs a transparent and reliable cybersecurity insurance policy, get in touch with Real Innovation Group. Real Innovation Group are Australia’s leading team in a broad range of IT services. Whether you need an excellent cyber insurance policy, top quality cybersecurity or a committed team of professionals for other IT tasks, Real Innovation Group is here for you. Our managed services ensure your business is reducing wasted time and money on training and staff upkeep, while giving you high quality IT solutions. Prevent problems, get innovative solutions and save money all at the same time when you talk to the team at Real Innovation Group and inquire about our cyber insurance services today!
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