The danger is especially alarming and rampant in the financial services industry and other businesses that use online transactions as mode of payment or for tracking personal accounts. According to Greg Medcraft, chairman of the Australian Securities and Investment Commission, the protection against cybercrime penetration for any business should follow international standards. If your business is in need of foolproof security and potential compensation in the future, consult with people who know insurance in the Sunshine Coast, such as the experts from Insuring theProduct.
Since these systems cannot be completely avoided, insurance providers have now began responding by developing policies, which cover the losses associated with cybercrime to your own business and also third party claims for liability from customers and suppliers. While the coverage would be dependent on the nature of the risk and how devastating it is to a business, the existence of cybercrime insurance in the Sunshine Coast is helpful in staving off the possibility of bankruptcy or the results of losing clients due to a compromised system or legal action against you.
Sunshine Coast insurance brokers like those from Insuring the Product are known to possess adequate expertise in cybercrime insurance, and working with such companies would help SMEs best ensure they get the right coverage for the type of systems they use and their business exposure to cybercrime.
As many white-hat hackers have demonstrated before, hacking today is surprisingly easy. All a person needs is a good computer and software to initiate attacks. In some cases, Lowenstein writes, the attack can be made simpler by social media. As businesses take off to Facebook and Twitter to promote their goods and services, defamatory hacking can be a reality.
Cybercrime insurance in the Sunshine Coast not only covers the cost of network security but also the aftereffects of an attack. No matter how advanced a business’ security system is, it’s still prone to failure. The insurance will mitigate the effect of profit loss brought about by various network attacks, allowing the business to operate amidst the damage.