If you think Cyber Liability insurance* is an extra expense your business doesn’t need, you might want to think again.

At long last, the wider public is starting to realise that hackers aren’t hooded movie villains – they’re real people doing real damage across the globe, especially in New Zealand and especially to small businesses.

In Part 4 of our Understanding Insurance series we explore how Cyber Liability insurance can protect your business from online threats and attacks.

With more and more businesses opting to operate their business activities online comes the risk of increased online cybercrime, and unfortunately accountants are no exception. Cyber criminals don’t discriminate when it comes to the type of business they are after and are increasingly becoming more advanced in their styles of attacks.

It’s hard to imagine being able to do business without the help of the digital world. Many SME’s rely on some part of their business being online, unfortunately creating the risk for cyber criminals to attack. That’s where Cyber Liability insurance can provide some much-needed peace of mind and protection.

These days when it comes to cyber-crime, many types of business in the sights of would-be criminals. No matter what type of engineering business you run, if it’s online then there is a risk, and engineering businesses, you’re no exception!

Running a retail store can be a complicated business, with no two days ever the same and many different potential challenges. Regardless if you a have gift store or a bakery, there is always the potential risk for things to go wrong. Having the appropriate retailers insurance in place to protect your retail store is a smart move when it comes to managing the risk of your business.

Cybercriminals are increasingly targeting New Zealand small businesses, from ransomware attacks to phishing.

From cyber-attacks and lawsuits to supply chain issues and stolen inventory, the risks of running a small business should not be underestimated – and while some risks can be managed through day-to-day processes, others are open to chance with the potential for major disruption.

Unfortunately, there’s no off season for cyber criminals who are always on the prowl, leaving no small business immune especially when it comes to obtaining financial data. With more and more personal information being stored and shared on the internet, cyber criminals are forever devising new scams and spamming methods to get their hands on this sensitive information.