Now, more than ever, digital scams are everywhere trying to take a tradie’s hard-earned cash.
So much so that a cybercrime is reported every six minutes in Australia*.
From fake invoice emails to a scam call with AI generated voices of loved ones asking for money, the avenues for scammers to try and weasel into wallets are endless.
For tradies running their own business, keeping your data safe might be the last thing on your mind. Surely hackers wouldn’t bother with a small tradie business, right?
Wrong. Around 43 per cent of cyberattacks in Australia target small businesses, including hard-working tradies**.
Digital leaks
Even with the latest software updates and antivirus protection, cybercriminals may still break through your defences. That’s when having a Cyber Liability insurance policy may be essential.
Cyber Liability insurance* covers losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened cyberattack or other cyber incident.
On average, the cost for small businesses per cyberattack last year was $46,000¹. That’s a staggering amount for tradies to try and recoup by themselves, so it’s important they have the right safeguards in place.
Cyber Liability insurance is specifically designed to safeguard tradie businesses from these risks, providing financial protection in the event of a cyber breach or attack and helping maintain profitability by covering the costs associated with defending a cyber claim. A policy may also give you access to a much-needed 24/7 hotline with specialised IT support when you don’t have any, just to help you get back to business faster.
This type of insurance generally includes cover for expenses and restoration costs related to:
- Data breaches: Covers costs related to the theft or loss of client information.
- Network security breaches: Covers costs associated with unauthorised access or use of your network.
- Business interruption costs: Compensation for loss of income due to system downtime from a cyber incident.
- Forensic investigation: Financial support for investigating the cause or scope of a breach.
- Data recovery costs: Assists with recovering lost or compromised data.
- Cyber extortion: Covers expenses associated with ransomware or other cyber extortion demands.
- Crisis management: Provides support for managing public relations and customer notifications after a cyber event.
By providing cover in these critical areas, Cyber Liability insurance can be an invaluable layer of protection for tradies, shielding their businesses from financial setbacks and maintaining trust with their customers in the face of digital threats.
BizCover makes it easy for on-the-go tradies to compare and buy multiple cover options online, in minutes. For on the go cover, go BizCover or call 1300 805 821!