In the fast-paced world of business, we have insurance for our cars, our property, and our public liability. But what about our digital assets? Welcome back to Quick Chats, the series where we explore the crucial intersection of Business, Cyber Security, and Automotive Passion.
This episode steers the conversation into the vital, yet often overlooked, area of cyber insurance. James from Cyber Wyze is joined by Andrew Brett, the director of Infosure, a specialist cyber insurance brokerage, to navigate this complex topic. The chat kicks off with a startling statistic: while cyber security is the number one risk concern for Australian businesses, less than 15% have specific cyber insurance.
So, what exactly is cyber insurance? Andrew describes it not as a traditional, reactive policy, but as an “incident response retainer solution.” It’s a proactive tool that gives business owners a direct line to expert help the moment they suspect a cyber incident, without the immediate worry of a massive bill.
The conversation tackles common misconceptions, shifting the view of insurance from a “grudge purchase” to a vital component of business resilience. Andrew makes a critical distinction: cyber insurance is not the same as your preventative cyber security measures. While your IT team builds the firewalls, cyber insurance provides the elite firefighting squad for when a breach occurs.
One of the most powerful takeaways is the cost of going it alone. The average cyber incident can cost a business around $100,000, with incident response teams often requiring upfront payment—all while your business operations are potentially at a standstill. Cyber insurance provides access to the “best of the best” in incident response, giving businesses of any size a level of support they couldn’t otherwise afford.
This discussion is a must-watch for any business owner navigating the modern digital landscape.
You can watch the full episode here: https://www.youtube.com/watch?v=HJ3ITYER2iM&t=22s
For more information, contact Infosure, https://www.infosure.com.au