Cyber Crime
Coming soon .... To a computer near you
Many of us in the modern day business world do not pretend to fully understand the workings of computers; rather, we just embrace the technology and receive the benefits that information technology brings to our success. Needless to say, there wouldn't be that many businesses these days that could operate effectively without computers. Especially as customer information is crucial to most organisations and vital to our being able to deliver on the services we provide.
So while we place our trust in the continuing Information Technology wave and the equipment needed to help with the growth and running of our businesses, behind the scenes, computer hardware and software companies worldwide are engaged in a constant battle against evermore sophisticated cyber criminals trying to steal valuable data. As with any battle there are casualties and that means businesses of all shapes and sizes are caught in the crossfire and end up bearing the cost.
Traditional Commercial Property and Liability insurances contain cyber exclusion clauses which mean that the cost of downtime to your business or liability to others caused by data corruption or cyber crime will not be met.
There is much discussion in government surrounding changes to the current data protection legislation and if we follow the likely lead of the USA then individual companies will be more accountable for breaches in data that they hold. If major banks and government offices can be breached then what chance do the rest of us have if targeted by the cyber criminal?
Specialist cyber insurance cover is available to protect your business against the costs of downtime, data restoration and for breaches of your statutory obligation towards customer's data that you hold as a consequence of cyber attack.n
Information in this article provided by Queensland Council of Insurance Brokers - CQIB.
This article is provided as information only. It is not general or insurance broking or legal advice. It is important you seek advice relevant to your particular circumstance.
