Cyber Insurance - Is Your Business Properly Protected?

Cyber Insurance

Is Your Business Properly Protected?

Cybersecurity isn't just an IT issue anymore – it's a business risk.

Australian businesses continue to face threats including ransomware, compromised Microsoft 365 accounts, phishing, business email compromise, data theft and fraudulent payment requests.

While good cybersecurity significantly reduces your risk, unfortunately no security solution can guarantee that an incident will never occur.

That's where cyber insurance becomes an important part of your overall risk-management strategy.

Cyber insurance can provide financial protection and access to specialist resources following a cyber incident. Depending on the policy, this can include areas such as incident response, forensic investigation, legal assistance, data recovery, business interruption and liability associated with a data breach.

Cyber Insurance and Your IT Environment

One important consideration is that cyber insurers are becoming increasingly interested in the security controls businesses have in place.

When applying for or renewing cyber insurance, you may be asked questions about things such as:

• Multi-Factor Authentication (MFA)
• Endpoint protection and monitoring
• Email security
• Backups and recovery
• Security awareness training
• Patch management
• Administrator access
• Incident response procedures

It's important that these questions are answered accurately.

If you're renewing your cyber insurance or considering taking out a policy, talk to External IT before completing the technical sections of your application.

We can help you understand the controls currently in place across your environment and identify areas that may need attention.

Cyber insurance doesn't replace good cybersecurity – the two should work together.

Need Help Finding the Right Cyber Insurance?

If you don't currently have cyber insurance, or you're unsure whether your existing policy provides the right level of cover, we can help point you in the right direction.

External IT works with a trusted insurance broker who we can recommend to assist with your cyber insurance requirements.

They can help you understand the available cover and find a policy appropriate for your business, while our team can assist with the technical and cybersecurity questions that often form part of the application process.

Speak with the External IT team if you'd like an introduction.