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If COVID-19 wasn’t enough to be concerned with, there’s another virus plaguing small business owners working remotely – cyber-crime. Small business owners and staff need to be vigilant of the types of risks that can damage their business, the measures to take to prevent becoming a victim and how Cyber Liability insurance can help protect your business from the consequences of an attack.
It may seem simple but one of the first things to check is that all laptops and systems have up to date anti-virus programs installed and recent updates. This is a step that could save you a lot of heartache in the long-run.
Communicate your IT policy to your staff. Make sure they know what they can and can’t do with business equipment, accessing certain websites and protecting customer data. Just because your team is working remotely doesn’t mean the same rules don’t apply.
Scammers like to take advantage of moments when people are distressed and obtain crucial personal and financial details during vulnerable times. Since the start of 2020, Scamwatch has reported over 94 claims related to scams about COVID-19 with many asking for credit card details to purchase the cure.
Be a step ahead of the game and be aware of what types of scams are happening. These are some key Australian websites that monitor current cyber scams and have details of where you can go to report a scam.
Taking a few extra measures and precautions with your business’ IT security can help protect it from a crippling cyber–attack. These are a few security practices that your business can put in place:
Cyber Liability insurance* is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim are also covered.
Cyber Liability insurance can assist with inadvertent loss or release of a customer’s personal information, cyber-crime, cyber extortion/ransomware and business interruption due to a cyber event.
If your business has changed to working remotely, these are some FAQ’s on Cyber Liability insurance, based on information recently provided by some of our insurance partners.
A) Your current Cyber Liability insurance policy will still provide protection provided that the declaration you made is still correct, especially when relating to cyber security. This includes the answers to questions like the following:
A) Fortunately, there are no exclusions when it comes to covering staff who are working from home, provided they have the required cyber security measures in place.
Some of the conditions of your coverage to look out for include:
With more businesses operating remotely, now is an important time to consider protecting your business with Cyber Liability insurance. The current climate for small businesses is already disrupted enough, how could it cope with the stress and impact of a cyber–attack?
Whether you’re running an online retail store or an IT consultancy, protect your business today through BizCover. Receive multiple quotes online or over the phone in minutes with a copy of your policy emailed instantly.
*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.