Cyber crime a growing business threat

Under attack: As cyber crime incidences rise, more businesses are taking out insurance to protect from losses.
Under attack: As cyber crime incidences rise, more businesses are taking out insurance to protect from losses.

This is sponsored content for View Insurance.

While most business owners are aware of the raft of risks that could derail their venture and so take steps to insure themselves as much as possible, many are not prepared for a new and fast-growing threat - cyber attacks.

There's been a proliferation of digital crime in past years, particularly since the arrival of COVID-19 leaving many Australian businesses vulnerable at a time when the shift to e-commerce is skyrocketing.

Cyber attacks in Australia have grown by 13 per cent over the 12 months to June, according to the Australian Cyber Security Centre's annual report.

There have been a number of high-profile attacks in the news recently including on Channel Nine, the logistics company Toll and meat processing business JBS Food.

Michael Carollo from View Insurance said the rise in cyber attacks had fueled increased interest from businesses wanting to protect themselves.

"With businesses having to pivot during COVID and more focusing on e-commerce and a web presence we're seeing more interest in business insurance subcategories like Cyber Insurance," Mr Carollo said.

"As more business goes online, the more the cyber risk increases. Insurance that specialises in, and protects the business against, those risks is a massively emerging market right now. Having the right broker can help you identify risks your business may be exposed to."

Mr Carollo said around ten per cent of the business's existing customers have taken out some form of cyber Insurance product.

"That's all sorts of industries, from retail to professional services, a lot of different segments are starting to focus on cyber risk," he said.

"Cyber security generally isn't covered by other types of business insurance, but our Cyber Essentials package has been specifically designed to address losses that may arise from a wide range of cyber events that can have a big impact on a business's ability to operate.

"Having the right Business Interruption cover in place is an extremely important part of your business insurance. Knowing you're covered during a forced shut down to pay costs such as rent and wages is essential."

Deciding on the correct kind and level of insurance they need to have in place can be a challenge for businesses. And while it's risky to be under-insured, some businesses are unknowingly wasting money by being over-insured.

"We find a lot of small business owners don't understand the different type of cover available to protect their business," Mr Carollo said.

"We often find businesses that are under-insured or even have excessive insurance in place so it's important for businesses to have a clear understanding of the type of cover available and get guidance on the insurance needed."

Policies with kindness

Helping business protect themselves against this growing threat is not the only way View Insurance is leading the way in the industry. As well as supporting its customers, it's also passionate about supporting and giving back to the community.

View Insurance has established its "Policies with Heart" program committing an amount equal to two per cent of each individual policy (calculated on the base premium amount) to Kindness Factory, an Australian organisation devoted to creating a kinder society. The funds will help the not-for-profit organisation bring its Kind Schools Network to schools across Australia.

View Insurance is a combination of digital insurance providers that aims to deliver tailored insurance solutions with a strong focus on customer and community care. You can get an online quote for business Insurance from View's carefully-selected business insurance partners or pick up the phone if you would like a View specialist to help you find a product that works for you. For more visit www.viewinsurance.com.au or call 1300 048439.

View Insurance Pty Ltd - ABN 41 651 843 800 is an Authorised Representative (AR No.001293388) of Carollo Horton & Associates Pty Ltd (CH) ACN: 147 135 859 AFSL 503725. Terms, conditions, limits and exclusions apply to the products referred to above. You should consider the relevant Product Disclosure Statement, available by calling us on 1300 04 8439, before deciding to acquire, or continue to hold, this product.

This is sponsored content for View Insurance.

This story Cyber crime a growing business threat first appeared on The Canberra Times.