With cyber risk rampant in Australia, CGU has launched a new product aimed at protecting SME business owners.
CGU Cyber Defence was launched at the 2016 Steadfast Convention in Brisbane. The policy is designed to protect the at-risk SME business market from a range of cyber threats, including privacy breaches, extortion, system damage and malicious hacking.
Public relations consultancy and business interruption costs are also included. It is available as a standalone product, or as extensions to existing policies.
CGU’s National Underwriting Manager, Professional Risks, Najibi Bisso, said that every business is potentially at risk in the cyber space, and that small businesses cannot afford to be complacent.
“The Australian Government estimates that almost 700,000 businesses have experience cybercrime – and 60% of those are small to medium sized businesses,” she told Broker Buzz.
“The average cost of a cyber crime attack to these businesses is more than $270,000, so it’s really important we educate SME business owners about the risks they face.”
She also pointed out that it’s not only cyber criminals that represent a threat. Human error from company employees can just as easily create a cyber breach.
“It could be something as simple as an employee innocently attaching the wrong file to an email, and that can create a privacy breach.
“I can’t see one business that doesn’t have some sort of online record keeping, whether that’s a farmer who records soil results or sales to market, or a cleaner who stores billing information, that’s all information that can be hacked, or used maliciously, and that can damage a business.”
CGU has partnered with Norton Rose Fulbright to provide clients with 24/7 access to a cyber incident response team.