"We're Too Small for Cyber Insurance"
One of the most common misconceptions about cyber insurance is that it's only relevant for large organisations. Unfortunately, cyber criminals don't think that way. Whether your business employs five people or five hundred, a cyber incident can lead to significant disruption, unexpected costs and long-term reputational damage.
The question isn't whether your business has cyber risk. The question is whether your business could absorb the financial impact if something went wrong.
Real New Zealand Businesses. Real Claims.
One financial advisory business suffered a malware attack after an infected email was opened on an unsecured laptop. Nearly 1,600 files were affected and specialist forensic support was needed to investigate and restore systems. The claim cost approximately $13,000.
Another online retailer discovered its website had been compromised and was being used to distribute spam. Cyber specialists were required to investigate the breach, secure the website and restore operations. The resulting costs exceeded $16,000.
The key takeaway? Neither business expected a cyber incident, but both needed expert support when one occurred.
What Does Cyber Insurance Actually Help With?
Depending on the policy and circumstances, cyber insurance may provide support for:
Incident response services , Forensic investigations, Data recovery and restoration
Business interruption losses, Customer notification costs and Privacy breach response
Legal expenses, Crisis management support
Cyber extortion incidents
Cyber insurance is increasingly designed to give businesses access to specialist expertise when they need it most.
Insurance Isn't a Replacement for Good Cyber Security
The most resilient businesses take a layered approach to managing cyber risk. That means having:
Strong cyber security controls
Regular staff training
Business continuity planning
Incident response procedures
Appropriate cyber insurance
Cyber insurance is there to help your business recover when preventative measures fail. It should complement, not replace, good cyber hygiene.
Cyber Awareness Week Challenge
Ask yourself three simple questions:
Could our business continue operating if key systems were unavailable tomorrow?
Do we know who to call following a cyber incident?
Could our business comfortably absorb the cost of a serious cyber attack?
If any answer is "I'm not sure", then now is the time to take action.
Next Steps
Learn more about cyber security and protecting your business by visiting Own Your Online, New Zealand's dedicated cyber security resource for businesses and individuals.
Or, if you'd like to review your current arrangements, understand your exposure, or discuss cyber insurance options, speak with one of our brokers today on 0800 800 320
Cyber threats are evolving. Your protection should too. Protect your business. Educate your people. Be prepared to recover.
Learn more at Own Your Online or call 0800 800 320 to speak with one of our brokers today.