Cyber insurance is a type of insurance designed to protect your business from the financial costs associated with cyber attacks, data breaches, and other cyber-related risks. This type of insurance can provide coverage for costs such as legal fees, data recovery expenses, notification costs, and other expenses related to responding to a cyber attack.
Whether or not you need cyber insurance for your small business will depend on the nature of your business and the level of risk involved. If your business handles sensitive information such as customer data, financial data, or intellectual property, then cyber insurance may be a wise investment. This can provide financial protection in the event of a cyber attack, which can have significant financial and reputational implications for your business.
While large corporations may be more likely targets, small businesses can also be vulnerable due to their potentially weaker security systems and lack of resources to respond to an attack. In fact, according to the Australian Cyber Security Centre, small businesses are the target of 43% of all cyber attacks in Australia.