Is Cyber Insurance Compulsory?

Is Cyber Insurance Compulsory?

Cyber Insurance is not compulsory in Australia

The importance of cyber insurance

Cyber-attacks or data breaches can take many forms, from deliberate attacks to technology issues or simple negligence. As modern business is reliant on computer systems and networks, a breach of data or a shut-down of service can have a major impact on your business with many small businesses unable to operate afterwards.
Cyber Insurance can help in the event of a breach
Small businesses are particularly vulnerable to cyber-attacks of all kinds and it can be very costly. Aside from the cost of notifying your customers, you may also face costs for PR, credit monitoring, investigations response and compliance related activity, compensation for affected customers and engaging experts.

Mandatory breach reporting creates cyber-insurance imperative

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Compulsory

If you are still unsure whether your policy covers this scenario speak to one of Insure 247’s brokers on 1300 046 787

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