Here’s a real-life example of how Cyber Liability insurance came to the rescue for one Australian salon.
A hairdresser discovered $30,000 in unauthorised calls on their monthly phone bill. Turns out, someone had hacked the salon’s VoIP telephone system and used it to make multiple calls to a premium number.
Luckily, the hairdresser had a Cyber Liability policy with optional Social Engineering cover. The insurer covered the $30,000 phone bill, a direct loss caused by the cyberattack†.
Consider how a claim like this might impact your salon. Could you easily foot the bill, or would it strain on your cash flow? Cyber Liability insurance may make sense if cyberattack costs could put your salon in the red.
In a nutshell, Cyber Liability insurance* covers losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach. It can help your salon minimise the impact of a cyberattack with 24-hour incident response services and pay for unexpected bills, like investigating the attack, restoring data, and notifying your customers.
Cybercrime cost small businesses an average of $46,000 per incident in 2023, according to data from the Australian Cyber Security Centre. If that stat makes your hair stand on end, you might consider adding Cyber Liability to your insurance portfolio.
You may think that your salon isn’t very sophisticated when it comes to technology and so wouldn’t be of interest to a cybercriminal. But think again. Your salon could be vulnerable to phishing emails, POS system attacks, ransomware, or social engineering attacks. And if one happens to your business, Cyber Liability insurance could have your back.
Ready to protect your business with Cyber Liability? BizCover has helped over 8,500 salons and barbershops‡ compare and buy small business insurance.
Buying insurance with BizCover is a no-dramas experience—unlike a cyberattack! There’s no paperwork and no waiting for your policy documents. Just instant cover online in minutes.
Visit bizcover.com.au to sort your insurance today.
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