Cyber & Social Engineering Insurance – It is a growing area of risk

The law today states all companies have a responsibility to ensure that their client’s information is safe from harm’s way.  Your company may be held liable for any loss of client data or any resultant losses to third parties.  The problem for all of us, it is a moving target when it comes to technology and keeping up with how to protect your company’s data. 

These days most of our information is stored on-line in some capacity in our website or electronic records and the ability for hackers to enter our systems is getting easier as hackers are getting more sophisticated and clever in how they manipulate their way into our working and personal lives.

It creates destruction and devastation to those who are affected,  you, your business and your clients, especially if a financial impact occurs or black mail results from the hack e.g. phishing. viruses, malware.   

Minimising your Cyber risk to your business

It is important that cyber insurance becomes part of your ordinary business insurance requirements.  As a strata manager, you store a lot of information and not having cyber insurance to protect losses and costs associated with any cyber-attack, breach, extortion or financial impact would be disruptive to your business and you could attract a fine as the law has been broken and in some cases bankrupt the business.   

Having cyber insurance is a risk management tool, however it is equally important to ensure that your IT security systems and software are up to date. 

Good reasons to consider this cover

By having, a Cyber insurance policy in place provides you with protection against losses and the associated loss of reputation, financial loss but also assists, in making sure your Company survives a hack.