Hacking, theft of data, ransomware attacks, and phishing incidents can not only be costly to rectify - they can also cause huge reputational damage to your business.
Cyber insurance helps cover the financial losses, operational recovery costs, and legal liabilities resulting from a cyber incident. It includes benefits such as -
- First-party loss protection. Reimburses the direct costs to investigate, contain, repair, and restore corrupted systems and lost data following an attack.
- Business interruption. Replaces lost turnover and ongoing operational costs if a cyber event forces your network to go down and/or day-to-day operations to cease.
- Incident response. Provides immediate access to specialist IT forensic teams, legal advisers, and crisis management experts to contain breaches quickly.
- Reputational harm. Provides access to specialist crisis management and public relations support to help protect your brand, communicate effectively with customers and stakeholders, and manage the reputational impact of a cyber event.
- Third party liability. Covers legal defence costs, damages and settlements arising from privacy breaches, security failures, unauthorised access to data, network incidents, and claims brought by customers, suppliers, business partners or other third parties.
With between 60-70% of SMEs in New Zealand and Australia that suffer an uninsured ransomware attack not surviving the following year, can you afford not to have cyber insurance?