Cyber crime is increasingly prevalent, so for the security of the accounting firm and its respective clients, accountants cannot be complacent about potential cyber breaches. In the ever-evolving digital world that accountants are working in, key considerations must be made when weighing up insurance options.
Whilst all accountants understand that it is mandatory to hold a current professional indemnity insurance policy, many overlook the importance to also take out a cyber insurance policy resting on the assumption that it “won’t happen to me”.
Accountancy Insurance’s Director of Professional Risks, Karen McDonald, has been in the insurance industry for more than 20 years and has seen many changes take place. However she describes the disparity between the growing amount of cyber breaches and the actual number of accounting professionals properly insured for such breaches as ‘alarming’.
“Many PI insurance products in the market only contain what is referred to as a ‘cyber extension’, which provides coverage of up to $100,000 – an almost negligible amount when you are potentially faced with the real, significantly higher cost,” Karen said.
For more information on cyber insurance, please contact Accountancy Insurance on 1300 650 758 or email karen@accountancyinsurance.com.au.
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