Small businesses in Australia can now protect themselves against cybercrime with the help of BizCover’s enhanced cyber insurance offerings. The Sydney-based online business insurance platform has seen a 40% increase in cyber insurance enquiries since bolstering its offering by expanding its partnership with three leading Australian insurers.

The increased demand for cyber insurance comes as cybercrime becomes more sophisticated, targeting small businesses more frequently. However, many small businesses can only afford $500 for cybersecurity annually, despite the average loss being $63,500 per cybercrime incident.

“Cyber insurance is no longer a nice-to-have but rather a must-have for small businesses in today’s digital age,” says Jane Mason, Head of Product, Channels and Risk at BizCover. She adds that BizCover’s bolstered cyber insurance offering is excellent news for Australian small businesses.

In response to the high-profile attacks in the second half of 2022, BizCover launched Chubb’s cyber policy in December to meet the growing demand. The new cyber insurance product covers a wide range of risks, including privacy and security liability, and business interruption cover, among many other safeguards. The platform was also bolstered by updating the cyber insurance products of current insurers AIG and Dual.

“It’s been an overwhelming success. We have seen a further 40% increase in enquiries about cyber insurance since December,” says Mason. BizCover has Cyber Liability policies starting from $487.50, making it affordable for small businesses from different industries.

Mason warns that small business owners must not assume that their operation is not a cybercrime target. If their business uses PoS devices and emails or has online systems to manage a business or handle essential data, they may be at risk of being a cybercrime target.

Cyber Liability insurance protects small businesses against the legal costs and expenses of cyber incidents. The coverage includes data breaches, theft or loss of client information, business interruption costs, forensic investigation, data recovery, extortion, fines and penalties, crisis management costs, and legal costs from any subsequent civil action against your business.

In conclusion, BizCover’s enhanced cyber insurance offering is excellent news for small businesses in Australia. It provides comprehensive, tailored, and affordable coverage to help them protect themselves against the growing cyber-attack threat.

Written by: Anne Keam

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