Australian businesses are spending too much on artificial intelligence and not enough on the humans in charge of it, costing them investment returns, according to one tech giant.Companies are also fai …
Cyber Protection
With computer hacking and data breaches on the rise in Australia, cyber insurance is now a critical protection for most businesses. The scale and reach of malicious cyber activity has grown exponentially in recent years and can be hugely expensive and disruptive to affected businesses.
Do I need Cyber Insurance?
If your business has a website or electronic records, you are vulnerable to cyber hackers. A cyber-attack can cost you more than just money — it can put your intellectual property and customers’ personal information at risk, damaging your reputation.
What can Cyber Insurance cover?
- Cyber extortion
- Business interruption losses
- Electronic data replacement
- Security and private liability
- Defence costs
- Regulatory breach liability
- Electronic media liability
- Crisis management expenses
- Notification and monitoring expenses
Other things to consider
Depending on your policy, you may be able to make a claim for losses incurred by business interruption caused by cyber-attacks, as well as the costs of recovering your data, upgrading your software, or ongoing crisis management solutions.