Ian Pollard talks to Morning Report on Radio New Zealand about the impact of cyber liability on small business.
Insurance companies are beginning to offer cyber cover as an increasing number of hackers target New Zealand’s small and medium size companies.
Insurers are offering a range of support services to help companies recover from cyber attacks, with one software security company suggesting New Zealand suffers from the second highest number of ransomware attacks in the Southern Hemisphere, with more than 100 attacks a day.
Managing Director of Delta Insurance, Ian Pollard, says insurance cover includes access to a panel of experts that can provide support and expertise to deal with an attack that goes from prevention to clean up. He says insurance compares well with other types of business cover, with a base cost of about $1000 for a typical small company, at can be cost effective as well.
Says Pollard: “The average claim for SMEs, from what we’ve seen from our claims experience, is anywhere between $20,000 and $50,000, which doesn’t seem a lot but for an SME, from a cash flow perspective, is a lot of money to pay out for a small business to rectify a problem, to rebuild data, to get rid of a ransomware attack, to get in the experts from a forensic or IT perspective.”
“So we thought we should do something in that space and help those SMEs in particular, to improve their response is give them access to these services before they buy the insurance policy…access to cyber security professionals, shielding, forensics, public relations, technology, and from a legal perspective.”