Carollo Horton Cyber Insurance

How does cyber insurance protect your business?

As recent reports show and the increase in alerts, the Australian Cyber Security Centre (ACSC) is urging businesses to be proactive and protect themselves from cyber security incidents as many are not prepared. A cyber security incident would be crippling for any business, both financially and a business’ reputation. How would you respond?

Cyber insurance is designed to protect your business against a number of different cyber-attacks or events. Businesses and people are more globally connected than ever before and many businesses are required to have protocols in place to protect their customer’s personal information. According to Savvy’s online scams report and reported in Insurance Business Australia, “Australians lost over $72 million in scams during the first quarter of 2022 (Q1 2022), an increase of over $10 million in the first quarter of 2021 (Q1 2021).” The main sectors targeted were Government, education and healthcare.

Many small business owners may have the belief that scammers only target large organisations, but more smaller businesses are being exploited. This is generally due to a lack of professional cyber security support. With more people working from home due the pandemic there has been an increase in cyber threats every day, affecting both individuals and small to large organisations. Ransomware, a type of malicious software (malware), is still one of the major threats and according to Savvy, an attack is occurring every 11 seconds.

Reduce your risk of cyber threats

With cyber threats seen to be one of the top global risks facing businesses in 2022, its important businesses prioritise measures they can put in place to protect themselves. In Microsoft’s Digital Defense Report they list five basic security hygiene safeguards that can help protect you and your business against cyber-attacks:

  • Enable multifactor authentication
  • Apply least privilege access
  • Keep software updated on your devices, infrastructure, and applications
  • Utilise antimalware solutions
  • Protect your data, especially the most sensitive data.

Cyber security should be a priority for every business. Along with cyber insurance and good IT support, your cyber security strategy should also include other measures such as regular cyber security training for employees and a plan for how they should respond if there is a cyber event and procedures for managing control and access to business information.

What does Cyber insurance cover?

Cyber insurance can provide cover for cyber-attacks or events such as:

  • Cyber extortion,
  • Cyber espionage,
  • Point of sale intrusions,
  • Hacking,
  • Web app attacks,
  • Physical theft and loss,
  • Miscellaneous errors and more…

To protect your business, you need to take steps to reduce the risk of attack with cyber insurance being one of many. It’s important to note, this is ‘one of many’ measures you should take, as cyber insurance can’t protect your business on its own.

The Carollo Horton team have substantial industry knowledge and expertise to be able to provide your business with comprehensive advice and appropriate risk management and cyber insurance solutions. Here is a snapshot of what our cyber insurance covers:

Carollo Horton Cyber Insurance Cover

Support from cover to claims

At Carollo Horton working alongside our client’s IT provider is important to us, not just in the event of a cyber claim but helping the client put measures in place to reduce the risk, such as procedures for automatic backups to software and business information, anti-virus software and other IT security measures.

The ACSC also provide cyber security advice and step-by-step guides for small to medium businesses to understand what the cyber threats are and simple measures to implement to avoid or reduce the impact of a cyber security incident. Find them on the ACSC website here.

Do you have measures in place to protect against cyber threats? Cyber insurance is one of those measures. Contact us today to learn more about Carollo Horton’s cyber insurance cover.