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Did you know cyber crime costs Australian businesses around $4.5 billion dollars a year?

With new technology bringing better and faster smart devices, cyber crime is costing Australian businesses around $4.5 billion a year. If you’re thinking you or your small business is under no threat of cyber crimes, think again. Every business with an online presence is at risk of a cyber attack, and with cyber crime claiming 1,000,000 victims per day, it's time to get the right cover for you and your business.

Cyber Crime Facts and Statistics

If you’re still not convinced your business may be at risk, here's some shocking facts about doing business in today’s technically advanced world:

  • 700,000 businesses have already fallen victim to cyber crime, with many not even realising.1
  • 60% of cyber attacks are targeted at small to medium size businesses.1
  • Average cost of a cyber crime attack being more than $275,000.
  • Data breach in Australia have reached $2.16 million on average.
  • Only 46% of companies worldwide have some form of protection from cyber crime.
  • 85% of Australians would stop dealing with an organisation if their data was breached.2

Are your assets secure within the cyberspace?

With cyber crime on the rise, there hasn’t been a better time than now to ensure that you are insured against online theft.

In response, insurance policies have now evolved in order to help cover cyber crime and the associated risks such as data breach.

Download our comprehensive info-pack

If you would like to learn more about how you can protect yourself or your business from cyber crime, download our free information pack.

Cyber crimes can include, but are not limited to, cyber-stalking, industrial espionage and information theft, fraud, extortion, identity theft, phishing scams and cyber terrorism.

Cyber criminals are notorious for using malware and viruses, computer and network hacking, denial of service attacks and fraudulent online scams to execute their crimes. The perpetrators of these crimes find it relatively easy to access computers and networks, which are inadequately protected by virus software or passwords. Additionally, they steal laptops, computers and mobile devices, and take advantage of computers, which are left unattended.

When you hear about cyber crime on the news, the case predominately involves a large company being attacked or a wide scale credit card scam. However, cases where cyber crime has affected a small business aren’t normally reported by mainstream media.

Unfortunately for a small business that has suffered a breach from cyber crime, the consequences are so severe you may never fully recover the loss, which generally results in having to close your business.

Australian Competition and Consumer Commission (ACCC) deputy chairman Michael Schaper said small and micro-businesses—fewer than five staff, or self-employed—are particularly susceptible to email scams and ransomware.

“We know small business are often reluctant to upgrade their systems, it’s expensive and time consuming,” he said.

“However, financial loss and the loss of data can just kill a small business.”

Common cyber crime claims generally include one of the following:

  • Manufacturer dupes
  • Small business hackers
  • Spyware viruses
  • Data theft extortion
  • Rogue employees

Another aspect of cyber crime is directly stealing laptops, computers, and mobile devices as well as taking advantage of computers left unattended.

A quick and easy application for a quotation for cyber cover can be a fantastic cyber-health check for any organisation.

The experts at Clear Insurance can assess your unique risk profile to ensure the right policies are in place. By adopting a risk management approach, you can be rest assured your online presence is secure.

Clear Insurance’s cyber crime’s first party clauses offer coverage for a wide variety of items some of which include:

  • E-Theft Loss

Covers losses sustained if you have transferred funds or property, or handed over ownership of any item of any value based on fraudulent data input into a computer, or through a network into a computer system. This includes the cost of a professional negotiator and ransom payment.

  • E-Communication Loss

This covers losses incurred if one of your customers has transferred funds or property, or handed over ownership of any item based on faith in a fraudulent communication, which you are held legally responsible for.

  • E-Vandalism Loss

This will provide cover from vandalism of your digital property, even if an employee causes it.

Cybercrime | Cyber Security Australia

We understand insurance can be confusing at times, which is why we at Clear Insurance will strive toward working with you, every step of the way in the insurance market. Our highly trained team can navigate your insurances, handle your claims and ensure your insurance experience is clear.

If you would like to learn more about how we can protect you against cyber crime, contact us today.

 


 

  1. Centre, A. C. (2016). ACSC Threat Report. Australian Government.
  2. Advanced Data Analytics. (n.d.). Retrieved 2011 from Unisys: http://www.unisys.com/unisys-security-index
Corporate Authorised Representative Disclaimer: Clear Insurance Pty Ltd is a Corporate Authorised Representative (No. 465935) of Insurance Advisernet Australia Pty Ltd, AFSL 240549