Smaller companies should be just as cautious when it comes to cyber attacks.
Cyber insurance seems to be a trending buzzword for many businesses. Many executives believe that large corporations are the only victims of cyber attempts, but that’s not necessarily the case. Claims against smaller companies can be just as devastating.
what risks are unique to your entity. Your entity’s industry, geographic distribution, employee skills mix, volume and type of transactions should be considered to uncover any specific areas that are highly vulnerable to cyber threats.
Find out the existing cover you already have in place
Under existing policies, you maybe covered for certain cyber related losses, however, there may be significant exclusions in the policy.
Ongoing review and testing of security policies and practices
It is very important to regularly review policies and procedures in relation to cyber and other financial controls. It is even more pertinent to test that everyday practices adhere to the established policies and procedures.
Not every business will need large coverage values, but even small “Mom-and-Pop” businesses are increasingly reliant on cloud storage and digital services which leads them to cyber fraud exposure.
By taking the aforementioned factors into consideration, you’ll be better informed to decide whether you feel cyber insurance is right for your individual situation. Our skilled advisors can assist you in scoping your requirements for cyber insurance. Contact our Audit Specialists for more information on (03) 9835 8200.
