Why you should consider cyber insurance for your business

The global CrowdStrike outage in July this year had massive repercussions for large and small businesses worldwide. In our own backyard, QANTAS and Jetstar flights were delayed or cancelled, both Woolworths and Coles were affected, and media outlets including The Australian, Network 10 and the ABC were all impacted.

But while CrowdStrike’s impact on these major national brands made the news, there were countless small businesses across the country that were also hit hard. Larger corporations often have a dedicated IT department to rely on when cyber events like this happen, but many small businesses don’t have this luxury – whether it’s a national outage or a one-off cyberattack that disrupts their business.

As the cyber threat landscape continues to evolve, small businesses need to make sure they’re prepared for any cyber event that could lead to business interruption.

Cyberattacks on the rise for small Aussie businesses

The average cost of cybercrime increased by 14% based on data collected by the Australia Signals Directorate from 2022-23. On average, a cyberattack in Australia can cost a small business around $46,000. On top of this, the number of cybercrimes reported increased by 23% compared to the previous year.

Hospitality businesses may feel as if they’re not as tempting a target as, say, a healthcare provider or a financial firm. But they can still become victims. In the same month as the now infamous CrowdStrike outage, the historic Royal Brighton Yacht Club in Melbourne became the victim of a ransomware attack orchestrated by a notorious cybercriminal gang. 94GB of data, including the personal details of members and staff and internal financial information, were allegedly stolen from the club.

Protecting your hospitality business with cyber insurance

Imagine if your business was hit by a cyberattack that prevented customers from making online reservations or accessing your digital menu; or if you were unable to pay your staff or order supplies because a ransomware attack had hit your work laptop. This is where Cyber Liability insurance could help you.

Cyber Liability insurance can assist your hospitality business following a variety of cyber risks, such as unintended loss or release of customer personal information, cybercrime, ransomware and business interruption caused by a cyber event.

In these instances, Cyber Liability insurance could help you access much-needed 24/7 hotline IT support when you don’t have any, cover financial losses, and get back to business as usual faster. A policy could save you time, stress and money so you can focus on running your business even during difficult periods.

Compare cyber liability insurance quotes in minutes

Buy Cyber Liability cover on the go with BizCover. Compare multiple quotes from selected leading Australian insurers in minutes, online or over the phone.

Don’t leave it until a cyber event shuts down your business – get a Cyber Liability insurance quote today with BizCover and find out how much you could save.

For on the go cover, go BizCover.com.au or call 1300 805 821.

This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.