Cyber Liability insurance has been available since at least the year 2000, however many small businesses in Australia are not taking advantage of the protections a policy can provide. According to one survey, just 40% of businesses1 have any sort of cover in place.

As technology continues to advance, cybercrime is becoming more sophisticated, and cyberattacks are frequently targeting small businesses.

Hacks, viruses, ransomware, or even clicking on the wrong link could bring a small business to its knees. During the 2021-22 financial year, the Australian Cyber Security Centre received 76,000 cybercrime reports—or one every 7 minutes.1 And these incidents aren’t cheap. The average cost per cybercrime was over $39,000 for small businesses.1

Do I Need Management Liability Insurance?

Misinformation is everywhere, especially regarding cyber security. This can cause SMEs to hesitate when it comes to shielding their business. Unravelling these myths is key to ensuring they understand the importance of Cyber Liability protection. That’s why we’re taking on three more common cyber security myths, offering clarity and truth in place of confusion.

Moving into online business can be highly beneficial, but it can also put you at increased risk from hackers and cyber-attacks. This article will outline several ways you can protect your small business against cyber-attacks and prevent the serious damage they can do to your company and its public image.

With cybercrime reaching record levels, Australia’s 2.5 million small businesses are increasingly looking for ways to lock the digital doors to their information.

As a small business owner, you know all too well that the fate of your business is in your own hands. But did you also know that as a company director or senior manager involved in the management of a company, you also carry specific responsibilities that have the potential to also leave you personally liable if things in your business don’t go as planned.

A cyber incident response plan (CIRP) is a clearly defined strategy that outlines the steps an organisation needs to take to detect, respond to, contain and recover from a cyber security incident. The purpose of a cyber incident response plan is to minimise the damage of a cybersecurity breach, reduce down time and ensure compliance with legal obligations.