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

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

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.

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.

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.

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!

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.

Many small business owners feel they are too small to become the victim of a cybercrime, but the reality is 43% of all cybercrimes in New Zealand are targeted at small businesses*.