Cyber Risk

Are you prepared in the event of a cyber-attack or breach? Do you understand your statutory data breach responsibilities?

Cyber-attacks have quickly become a leading concern to both the public and private sector for Australian businesses. The Australian Government estimates that 420,000 small to medium businesses have experienced a cybercrime and the average cost of a cybercrime attack is more than $275,000.

Losses can be unexpectedly extensive, especially when you factor in the cost of crisis management, loss of income, notifying your clients, IT system remediation, recreation of lost data and extortion costs. Gow-Gates can arrange a tailored cyber policy that can protect your business against the expenses incurred from an attack or breach.

Things for your business to consider:

  • Do you have a Privacy Management Plan in place?
  • Have you prepared your Data Breach Response Plan?
  • Do you have comprehensive Cyber and Privacy Protection Insurance and do you understand the benefits?
  • Does your Cyber and Privacy Protection Insurer also provide you with external resources that can form part of your Response Plan?

Many businesses think that that a cyber-attack or data breaches won’t happen to them and they don’t need to consider insuring such exposures. Cyber Insurance has been available for several years which has led to reducing premiums and more flexible coverage options. Now is the time to make sure your business protects your people, clients, data and balance sheet.