Cybersecurity risks are critically challenging for businesses, with the potential to cause severe business disruption and financial impact. And they are on the rise — according to the Chubb Cyber IndexSM claims data, there’s been a 1,215% increase in the number of commercial cyber insurance claims over the past 10 years.
What is often not understood prior to a cyberattack is that the negative fallout of an incident can create a rapid downward spiral. As business becomes progressively impaired, reparation costs quickly escalate.
When these dominos start to fall, the increasing costs may bring a business to the point of bankruptcy.
There are a number of ways that cyber criminals can gain access to a company’s website or internal server to steal data or otherwise attack a business. These include:
Although stopping cyber criminals may seem like a formidable task, there are a handful of simple measures that companies can use to create their own cyber risk management program and limit their exposure.
This content is brought to you by Chubb Insurance Australia Limited (“Chubb”) as a convenience to readers and is not intended to constitute advice (professional or otherwise) or recommendations upon which a reader may rely. Any references to insurance cover are general in nature only and may not suit your particular circumstances. Chubb does not take into account your personal objectives, financial situation or needs and any insurance cover referred to is subject to the terms, conditions and exclusions set out in the relevant policy wording. Please obtain and read carefully the relevant insurance policy before deciding to acquire any insurance product. A policy wording can be obtained at www.chubb.com/au, through your broker or by contacting any of the Chubb offices. Chubb makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content. Readers relying on any content do so at their own risk. It is the responsibility of the reader to evaluate the quality and accuracy of the content. Reference in this content (if any) to any specific commercial product, process, or service, and links from this content to other third party websites, do not constitute or imply an endorsement or recommendation by Chubb and shall not be used for advertising or service/product endorsement purposes. ©2020 Chubb Insurance Australia Limited ABN: 23 001 642 020 AFSL: 239687. Chubb®, its logos, and Chubb.Insured.SM are protected trademarks of Chubb.
We keep you informed – and your business protected – with these helpful articles.