From July 2022 to June 2023, there were 94,000 cybercrime reports (up 23%), and the average cost of cybercrime per report increased 14%. On average,
Small Businesses lost $46,000 | Medium Businesses lost $97,200 | Large Organisations lost $71,600
Cyber incidents are now considered the top risk facing businesses globally.
– Australian Cyber Security Centre (ACSC annual report July 2022 – June 2023)
What is Cyber Protection Insurance?
Cyber protection insurance is insurance designed to help protect your business from the financial impact of a computer hacking or a data breach.
Do you need Cyber Protection Insurance?
If your business is supported by a digital backbone, then you are at risk of facing the severe consequences of a cyber-attack. Safeguarding your digital backbone with Cyber Insurance enforces a level of protection over your business to mitigate the drastic effects of a cyber breach or attack. Some of the most common attacks that can expose you to data theft, extortion, or even business failure include hack attacks, ransomware, and phishing. While practicing cyber safety is crucial, like training employees to identify a scam, it also pays to take out insurance to better restore operations if your business does fall victim.
Are you Under-insured?
If your business holds insurance coverage that falls short of its actual value or potential liabilities, in the event of a claim you will not be adequately protected. For small businesses, being under-insured can have significant repercussions. In the event of a cyberattack, insufficient coverage may lead to financial strain, hampering your business’s ability to recover and resume operations promptly.
2024 has only just begun. Yet the ever-evolving landscape of cybersecurity presents new challenges and threats, and staying ahead of cyberattacks is an ongoing effort. The following insights support why registering for a Cyber Insurance Review can enhance your cybersecurity posture in 2024 and beyond.
1. Small Businesses are the Target
Cybercriminals are continuously refining their tactics for hacking into the digital backbone of businesses, and as the ACSC report depicted, larger organisations suffer less financially in comparison to smaller businesses due to larger funding for cyber protection. Hackers recognise that small businesses are often under-insured in safeguarding their online assets.
The team at Tudor Insurance advises that you maintain robust backup and disaster recovery strategies, educate employees to recognize phishing attempts, and invest properly in cyber protection insurance.
2. Attacks are Common & Costly
The ACSC receives a cybercrime report every seven minutes on average and stated that cyber incidents are now considered the top risk facing businesses globally. $97,200 is the average loss per cybercrime for medium businesses, $71,600 for large organisations, and $46,000 for small businesses. Whilst staying informed and proactive of the latest cyberattacks is important, without insurance your business cannot better restore its operations if it falls victim to an attack.
3. AI-Powered Attacks
AI-driven cyberattacks occur when a cybercriminal leverages artificial intelligence and machine learning to automate and personalize their attacks toward businesses. AI cyberattacks are currently prevalent and are expected to increase in 2024. As well as investing in Cyber protection Insurance, Tudor Insurance highly suggests implementing AI-powered security solutions to detect and respond to these threats and ongoing security training for employees to recognize AI-generated phishing attempts.
Don’t Risk It. Stay Protected Against Cyber Crime.
Assessing the potential risk to your business is extremely valuable but can be difficult without the right support.
We advise that you register for a Cyber Insurance Review and we will get in touch with you to provide expert help and recommendations tailored to your business.
Operate with confidence in the digital world.
There’s no one-size-fits-all solution, and that’s why it pays to seek expert assistance from the insurance professionals at Tudor Insurance Australia.
Telephone: (03) 9707 3033