In the digital age, businesses of all sizes store important customer information electronically and a breach of this sensitive information can have serious consequences. Whether it’s through cybercrime or human error, a breach of customer information can have major implications for your business and lead to a loss in trust. While cyber insurance can protect you from the financial implications of a breach, it’s essential that your business is vigilant about protecting sensitive data.

Protecting client information

There are a number of precautions that business can take to avoid data breaches of sensitive customer information. Some of these steps include:

  • Use advanced security software – Cybercriminals are always using new ways to access data so it’s essential that you use up to date security software to combat this. Regularly update your software for optimal security.
  • Have a cybersecurity policy – Make sure you formulate a clear cybersecurity policy which outlined how sensitive data should be stored, who has access to the data and what needs to occur in the event of a breach.
  • Restrict access to information – Don’t let all staff have access to customer data as many breaches occur as the result of the actions of employees. Restrict access to customer data to employees who need it for their role and monitor who accesses it.
  • Choose your web provider wisely – A lot of the cybersecurity measures occur behind the scenes so make sure you choose a web provider who can offer high-quality
  • Develop data sharing guidelines – If you share customer information with other parties, such as suppliers, have clear guidelines in place in relation to what they can and can’t do with that information to avoid accidental breaches.
  • Speak with staff – It’s easy for staff to become complacent when it comes to security measures so have regular conversations on the possible risks and how to protect customer information.

Cyber insurance for financial protection

Even if you take all the possible precautions, there may come a time when a data breach occurs which can have serious financial consequences for your business. Cyber insurance will provide cover for a number of different scenarios including fines and penalties, legal expenses, investigation and data recovery, and public relations support. With modern businesses of all sizes at risk of data breaches, attacks by hackers, and viruses and malware, it’s easy to see why you need the peace of mind of cyber insurance.

GSK Insurance Brokers understand the unique risks that modern businesses face when it comes to cybercrime which is why we offer cyber liability insurance Australia. We pride ourselves on our personalised approach to customer service and our team can help you find an insurance solution for your cyber risk exposures. If you’re not sure whether your business needs cyber insurance, speak to one of our brokers and we can provide expert advice.

For cyber liability insurance cover, contact GSK Insurance Brokers today on (08) 9478 1933.

July 15, 2019

By Graham Knight

Founder and Managing Director of GSK Insurance (established in 1981). Graham draws upon more than 50 years’ experience in the insurance industry, working in both insurance and broking across various private, public and government sectors in Australia.

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