Cyber crime is something many business owners don’t think about until it happens. Unfortunately, attacks are becoming more common across New Zealand, affecting businesses of all sizes—not just large companies.
A single phishing email, compromised password or ransomware attack can disrupt your business, prevent you from accessing important information and result in significant costs to get everything back up and running.
What Does Cyber Insurance Cover?
Cyber insurance is designed to help businesses recover from the financial impact of a cyber incident. Depending on the policy, cover may include:
• Costs associated with a data breach
• Business interruption following a cyber attack
• Recovery of lost or encrypted data
• IT forensic investigations
• Cyber extortion and ransomware events
• Legal costs and liability claims
• Public relations support following an incident
Every business is different, so it’s important to understand what level of protection is right for you.
Does My Business Need Cyber Insurance?
If your business uses computers, email or cloud-based software, there’s a level of cyber risk to consider.
Cyber insurance is worth discussing if your business:
• Stores customer or employee information
• Accepts online payments
• Relies on email to communicate with customers or suppliers
• Uses accounting or cloud-based business software
• Operates a website or online store
While good cyber security practices are essential, they can’t eliminate every risk.
How Wayne Grayson & Associates Can Help
Cyber insurance isn’t the same across every insurer. Cover, limits and exclusions can vary, which is why it pays to have someone explain the options.
At Wayne Grayson & Associates, we’ll take the time to understand how your business operates and recommend cover that’s appropriate for your needs. If you ever need to make a claim, we’ll also be there to guide you through the process.
Let’s Talk
If you’re unsure whether cyber insurance is something your business should consider, we’re happy to have a conversation.
Our team can explain the options in plain English and help you decide whether cyber insurance should form part of your overall business insurance programme.