Why Insurance? Because 100% protection does not exist!!
Insure your data against permanent loss due to human error, cyber crime or a catastrophe, as well as for data breach. Only from CIS Brokers Services Pty Ltd (CIS).
Companies are continually losing data due to human error, employee mischief, ransomware and cyber crime.Data is becoming the most valued asset a company has, while cyber crime, human error and employee mischief are causing more and more losses. While most companies use a data backup system, permanent data losses still continue to occur regularly. Online storage companies do not provide any financial protection. To compound the problem, insurance companies today are not able to provide full value or high indemnity coverage for permanent data loss. A Data Insurance policy fully insures this valuable asset against permanent loss, with a replication service where the insurance company pays a claim if they cannot return the insured data to the client. CIS focuses on addressing this issue for SME’s in a holistic way from cyber assessment to cyber and data insurance. Cyber-attacks against business are increasing. SMEs believe they are not at as much risk as their larger cousins, however, according to Symantec, over 30 per cent of phishing attacks in 2015 were launched against smaller SMEs and 50 per cent of all cyber attacks are targeted at SMEs (Lindros, 2019). The most important aspect of Cyber insurance for an SME is the incident response component. Larger organisations have internal resources and generally, clear plans for responding to a cyber breach and returning to a ‘business as usual’ state as soon as possible. SME’s do not have this luxury and hence must rely on their cyber insurance policy to provide this critical service. Most SMEs do not have cyber insurance, in fact, only about 15% have it (Sloan, 2019). This suggests that most SMEs are not prepared for a breach response and are still exposed to the high cost of cyber incidents. It could mean the difference between staying in business or becoming a statistic.
of business are not prepared to respond to a breach event
of businesses have cyber insurance, that means up to 85% are exposed to great risk