Cyber protection insurance is a relatively new form of cover. It’s designed to help protect your business from the financial impact of computer hacking or a data breach

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If you see it, report it!

In February 2017, the Senate passed the Privacy Amendment (Notifiable Data Breaches) Bill 2016 – setting up a mandatory nationwide data breach notification scheme. This means if you spot a security breach which may cause unauthorised access or disclosure of personal information, you’re legally required to report it to the Office of the Australian Commissioner within 30 days. You’ll also need to notify the people whose information has been affected.

Who should consider it?

If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, it’s likely that your business will suffer a cyber attack at some stage.

A cyber attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.

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➤ in fact

“The scale and reach of malicious cyber activity affecting Australian public and private sector organisations and individuals is unprecendented. The rate of compromise is increasing and the methods used by malicious actors are rapidly evolving.”

Former Prime Minister Malcolm Turnbull, Australia's Cyber Security Strategy Report, 2016

There were 177,519 scams reported in 2018 with 9.9% having a financial loss of $107,032,111.

(Scamwatch statistics, Australian Competition & Consumer Commission, 2018)

58% of victims of data breaches are categorised as small businesses.

(Summary Findings, Verizon 2018 Data Breach Investigations Report, 2018)

Among small to medium sized businesses that have experienced a successful infiltration of the corporate network by ransomware, 22% reported that they had to cease business operations immediately (identical to the global average), and 18 percent lost revenue (higher than the global average).

(Second Annual State Of Ransomware Report: Survey Results for Australia, Osterman REsearch, 2017)