Think about the things you tend to insure: your home, your car, your health. There’s a clear pattern here, and it’s the fact that all these things are incredibly valuable.

Although cyber security insurance is a relatively new concept compared to home or car insurance, it’s equally as important if you’re running a business with a large online presence.

Here are some of the main reasons why you need cyber security insurance:

Does my business need cyber insurance?

Any business which uses the internet should have a cyber insurance policy. This includes all business models – from retail stores, to banks, to health practitioners, to service providers and more.

Why is cyber insurance necessary and what does it protect me against?

Cyber insurance is a necessary control to implement within your business. It protects you from almost all the risks that emerge from cyberattack:

• Protection from data theft
  The words ‘data theft’ are enough to make any business owner shiver. Your business is most likely liable in the event of personally identifiable information (PII) or protected health information (PHI) is exposed – both of which are classified as extremely sensitive information. However, cyber insurance can cover defence expenses, remediation expenses and others incurred by data exposure in the event of a cyberattack.
• Data theft arising from stolen devices
  In the past, electronic devices that contain sensitive business information largely stayed within the workplace. Now, the work landscape has changed immensely. The Australian Bureau of Statistics found that more than two thirds of Australians work from home regularly. If your employees use devices that contain sensitive material when working from home, then there’s always a risk that they could be stolen (in a break-in, for example), posing the threat of data exposure.An effective cyber insurance policy should 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.
• Notification requirements
  Notification requirements are another reason to take out a cybersecurity insurance policy. When an information breach does occur, your business is required to notify each affected individual. This can cost hundreds of thousands of dollars, depending on 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
  Computer forensics teams are necessary for assessing the scale of a data breach. Cyber insurance can cover part of the cost of hiring a forensics team, too.

Need a highly effective cyber-security insurance policy? That’s where Real Innovation Group are here to help Real Innovation Group provides top-quality cyber insurance and managed IT services across Australia. A team committed to flexibility and openness, Real Innovation Group are driven to provide you with the best cyber insurance policy for your organisation. Talk to the team about securing a great policy today.