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Coronavirus: Is it too late to get cyber insurance?

Posted: 26 March 2020 10:37 am
News

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Whether your employees are now working from home, or your business has moved online, you can still get cover

Since the coronavirus outbreak became recognised as a pandemic, thousands of companies have moved to a working-from-home model for the first time, while others have shifted their services online in an effort to stay afloat.

Unfortunately, the mass migration has presented an opportunity for cyber criminals. Phishing scams exploiting fear have already been reported, while hackers are taking advantage of workplace disruption to steal log-in information and valuable data.

BizCover CEO Michael Gottlieb said the risk of cyber attack is particularly worrying right now, as businesses are already under pressure to survive major change.

"During this time of social disruption, the impact on a business if it suffers a cyber incident could be felt greater than during usual circumstances," he told Finder. "If you're a business owner without cyber insurance, it's definitely worth looking into.'

Typically, cyber insurance can help businesses put stronger defences in place and recover quicker if something does happen. It can also cover a range of expenses associated with a cyber breach, including data recovery, compensation claims, and even business interruption.

If you already have cyber insurance, you should still be covered - as long as you're meeting the same security standards you were when you bought the policy.

For example, if you told your insurer that all employees have antivirus software installed, or your business implements a two-step authorisation for fund transfers, that will still need to be true.

"If you already have cyber insurance, I'd suggest contacting your insurer or double checking your policy wording, to make sure the initial declaration is still accurate, and you're meeting any requirements laid out," said Gottlieb.

Thankfully, despite the current environment, it seems insurers aren't charging any more for cyber insurance. Premiums are based on the company's risk profile and security measures - just like they've always been.

"Despite cyber criminals capitalising on the coronavirus pandemic with targeted attacks, there have been no overall pricing changes for cyber insurance so far," said Gottlieb.

However, while cyber insurance is still readily available - and will protect businesses that have just started working from home - there are some important points to consider.

"Cyber insurance doesn't exclude staff working from home, but the business owner must ensure their employees have the correct cyber security measures in place," said Gottlieb.

Typically, a business has to use an operating system with embedded firewalls and anti-virus protection software - such as Windows or Mac OS X - to get coverage. Alternatively, you might be allowed to run a commercially-licenced firewall, or antivirus protection software.

Any mobile devices - such as laptops, tablets, smartphones, and even memory sticks - must also be password protected, at a bare minimum.

Get a quote for cyber insurance

If you are ready to speak with a consultant about different business insurance options available, simply enter your details in the form. Keep reading if you want to learn more about the different types of cover available.
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