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Business insurance

Cyber Insurance for Retailers

In today’s environment every company, irrespective of its size, relies heavily on technology and web connectivity to operate its business. All business owners and operators should ask themselves "what impact would there be on my business if our computer network security was compromised? And how would we deal with it?" Here are some of the things retailers should consider;

  • If the network operating system was compromised by a virus, malware or hacker attack, would you be able to make sales?
  • Without access to your operating system, could you control stock inventory?
  • If your EFTPOS terminals connect to your operating system, then they are vulnerable to attack. Criminals can target point of sale devices to covertly collect credit cards details for which you can be liable.
  • If a breach on your network got into the press, how would you rebuild customer confidence?
  • If you do hold client/customer data (even non-financial data), you are responsible for its security and potentially liable should it be stolen or accidentally disclosed.
  • Have you trained your employees to validate payments to any suppliers or service providers who either have not been paid before or have changed their bank account details?

Network security must be your first line of defense but if it should be breached where does your business stand? Do you have a plan of how you would respond to a serious event?

Traditional insurance policies do not provide cover for many of these risks, but cover is available through Cyber Insurance. The 24/7 expert assistance provided by a cyber insurance policy can help your business survive a cyber attack or incident.

 

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