CYBER IS CHEAP
With the steady increase in Cyber attacks on small businesses, Jody Williams, from
Oracle Group Insurance Brokers felt it was timely to provide a little bit of insight
into some common Cyber and insurance myths.
4 common cyber insurance myths
ONLY BIG BUSINESSES
NEED TO PROTECT THEIR
DATA
Who said that Cyber-Loss only
happens to larger corporations?
Typically a smaller business
is more vulnerable (and less
prepared for a loss of data) and
the opportunity for an attacker to
succeed is higher. Just under half
of all Cyber attacks are aimed
towards small businesses.
MY CLOUD PROVIDER
HOLDS ALL MY DATA SO
MY DATA IS SAFE
No matter where your data is
held, it is your responsibility
to look after it. If your system
is hacked, it is not the fault of
the cloud provider. There is a
slim chance your cloud provider
could be hacked and (you
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would expect) that they have
insurance and procedures in
place to recover your data and
compensate you for your loss.
If Uber and the Australian
Bureau of Statistics are able
to be hacked (remember the
embarrassing Census website
hacking) then there’s a good
chance your system is not fool-
proof.
I ENCRYPT ALL MY DATA
ONLINE SO IT IS SAFE
Hackers may not be able to
decipher your encrypted data file
although they will hold your data
for ‘ransom’. The main targets
are businesses that hold personal
data, such as Conveyancers,
Daycare, Real Estate, Finance
Brokers and all health/medical
related services.
CYBER INSURANCE IS
EXPENSIVE
Cyber Insurance is a re-active
product that will assist you when
you have a Cyber Event. Your
insurance broker will help you
choose a level of cover that is
suited to your needs and budget.
Like most things, you get what
you pay for. The cost of Cyber
Insurance can start from a few
hundred dollars. These cheaper
policies are normally ‘bolt-
ons’ to another policy such as a
Liability policy or a Professional
Indemnity policy. They are a very
good introduction into Cyber
Insurance although they provide
a limited amount of cover.