Did you know that cyber-attacks went up by 700% last year, leaving many Australian businesses feeling unprepared? A cybersecurity threat can lead to lost data and money. When your system gets taken over by ransomware, your business is held, hostage.
A cyber insurance policy that covers you in the event of ransomware is a must for all businesses. Read on to learn about why your small business needs this type of tech insurance.
What Is Ransomware?
Malicious software that infects a computer with display messages that demand a fee needs to get paid is considered to be ransomware. Before your system can work again, the ransom must get paid.
This malware technique is a moneymaking scheme that gets installed through deceptive links. This could happen through phishing emails, calendar invitations, instant messages, or on a website. Once these links are clicked, they can encrypt files or lock the entire computer screen.
The ransomware attack rate in Australia is far from the global average. In fact, 67% of Australian organisations experienced this issue in the last 12 months.
Protecting Your Business
There are steps you can take to protect your business from an attack, but without ransomware insurance, there is still a high risk. Along with getting the proper business insurance, you can do the following:
With how much technology has advanced, you can get hacked even when you are being safe. Insurance is the only sure way to protect your business.
Cyber Insurance
Cyber insurance can cover expenses and other financial losses due to a cyber event like malware attacks, cyber extortion, social engineering, or other invasive software.
A cyber policy typically covers three things, even though the policy may be broad. With a policy, you get covered for Liability (regulatory defence and privacy lawsuits), Internal Financial Loss (notification expenses, business interruption, extortion, data recovering, and crime/theft), and Emergency Incident Response (covering costs that were lost due to a cyber event).
Typically, a main coverage cyber policy includes:
Additionally, you can enjoy other coverages by paying an extra premium including:
Get Ransomware Insurance Now
Ransomware insurance is important for any business that uses a computer system. As small businesses are more susceptible, it is necessary to protect your business by following a few steps. However, the only way to ensure protection for your business is by adding ransomware insurance.
Anyone can fall victim to hackers, contact us today to get the insurance you must have for protection.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.