Per Insurance and Risk’s recent article, almost every business today, regardless of size or location, relies on digital technology and uses it to run their businesses, monitor stock, design products, communicate and store customer data. But while digital technologies help companies become more efficient, reduce their costs and develop new markets, it also makes them more vulnerable to cyber-attacks.
According to a recent survey by Lloyds of London 92% of European respondents said their company had suffered a data breach in the past five years, while 3% said they had “come close”. Only 5% said they had not suffered a breach or were unaware that they had. Despite cyber-attacks becoming common the survey found 73% of business leaders have a limited knowledge of cyber insurance and 50% don’t know that cyber cover for data breaches is available.
At East West Insurance Brokers, we believe that it is critical to discuss the risk and threat of cyber-attacks with our clients, and can offer advice and assistance with the challenges businesses will face. As Lloyd’s survey points out, no business is immune from the reality of cyber-attacks and data breaches.
In today’s day and age, cyber threats and cyber risk are one of the most relevant risks to businesses around the world. At East West, we offer Cyber Protection cover to protect your business from internet-based risks, as well as, your business after a cyber-attack or data breach and any liability and/or a business occurs from this. For more information and advice, contact our team at East West on 1800 809 132, alternatively email firstname.lastname@example.org or visit www.ewib.com.au