Cyber Insurance Options:
A Crucial Consideration for all Australian Businesses
As the risk of cyberattacks on business IT network operations increases, Australian businesses are considering the advantages of cyber insurance. Cyber insurance policies have become an essential component of many cybersecurity strategies as they help businesses return to normal operations as soon as possible in the event of an attack. However, cyber insurance penetration in the Australian business sector is still low, with only 0.4% of the total national market having cyber insurance.
Assessing the level of risk is a crucial first step before a business decides to purchase cyber insurance. Businesses must assess their current level of cyber risk thoroughly, including core IT systems, applications, stored data, and business processes. The cover offered by any potential policies can then be evaluated against the risks being faced. It is also important to note that businesses are unlikely to obtain coverage that will reimburse them for all expenses associated with an attack.
To ensure that a suitable cyber insurance policy is procured, businesses must carefully assess the options available on the market. This means understanding exactly what is covered and the amount of financial compensation that will be paid. Additionally, businesses must evaluate how they would deal with or recover from a cyber intrusion.
Steps to Take in Evaluating Your Cyber Insurance Policy
When evaluating and procuring a suitable cyber insurance policy, there are several important steps a business should undertake, including:
Seek Advice from an Expert
Obtain advice from a knowledgeable insurance broker who can provide guidance on the best options that fit your business requirements.
Ensure Your Security Options
Insurance companies will have a comprehensive set of security preparedness requirements that will be required of any insured. These will spell out what measures need to be in place and how they are managed to reduce the risk of attack.
Work with Your IT Partner
Share the list of security requirements with your IT partner, who can critically assess what is already in place and what needs to be improved to achieve compliance and secure your business.
It’s essential for a business to know all the compliance details to ensure that security measures match policy requirements so that coverage will be upheld should it be required.
Step Fwd IT - A Cyber Insurance Solution
For all businesses, cyber insurance must be viewed as a last resort rather than a first line of defence. It is designed to augment security measures and processes rather than replace them. By carefully assessing existing security elements and working with a specialist to enhance them where required, businesses can be better placed to ward off any attempted attacks.
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