Why Cyber Insurance is More Necessary than Ever?

As use of the internet continues to grow, so too does the threat of cyber attacks.

According to Symantec Norton, current trends indicate cyber crooks will steal 33 billion records in 2023. The Reserve Bank of Australia says the risk of attacks for Australian households and businesses is growing, and could threaten our country’s financial stability.

Cyber attacks can go way beyond the hacking of large organisations. Anyone who uses the internet is at risk of cyber crime.

Risks to cyber security can come from:

  • Ransomware – software that steals data or files and only returns them on payment of a ransom. Examples of ransomware include WannaCry, SamSam, Data Keeper and Saturn.
  • Malware – malicious software designed to gain access to your computer or devices and cause disruption. It includes viruses, worms, bots, adware, spyware and Trojans.
  • Social engineering – the art of tricking people into providing private information. The Nigerian Prince scam is a classic example.
  • Identity theft – once someone manages to steal your data, they could empty your bank accounts, run up debts in your name and more.

It’s important to take precautions against cyber attacks by having strong passwords, dual authentications, data backups and anti-virus software.

Insurance cover is also an important element of a cyber security plan. Cyber insurance provides financial protection for individuals or organisations in case of cyber attacks or hacking that leads to losses.

If you like to know more about cyber insurance cover, contact your local Reliance partner.