Protecting Your Digital Assets with ASR Insurances
Protect your business from the financial impact of cyber threats,
data breaches, and digital risks with tailored coverage built for today’s connected world.
Cyber threats have become the leading risk facing Australian businesses today.
With a cyber incident reported every seven minutes to the Australian Cyber Security Centre (ACSC), the scale of digital threats continues to grow. A University of NSW publication, Cybercrime in Australia: 20 Years of Inaction, estimates that cybercrime cost the Australian economy $42 billion in 2021.
Globally, cyber risks and business interruption now rank as the top insurance concerns for 2023, according to a survey of nearly 3,000 risk management professionals by a leading multinational insurer.
Despite these alarming figures, only one in four Australian businesses have invested in cyber insurance — leaving many exposed to potentially devastating financial and reputational losses.
Major Australian cyber events of 2022
In the past year, Australia experienced its most severe data breaches on record, leading the world in breach rates per capita. According to cybersecurity firm Surfshark, Australia recorded 7,387 compromised user accounts per 100,000 people, the highest globally — with Russia following at 2,568 per 100,000. These figures highlight the growing scale and sophistication of cyber threats targeting Australian businesses and individuals.
Some companies that suffered major cyber breaches included:
- Medibank (which affected 9.7 million people)
- Woolworths’ MyDeal hit 2.2 million
What an attack can cost small business
A cyber attack can expose your business to serious legal liabilities and financial losses, while also disrupting productivity, damaging employee morale, and eroding customer trust. In some cases, a business’s reputation — and its future — may never fully recover.
The direct costs of a cyber incident can include repairing damaged systems, responding to ransom demands, covering customer compensation like credit monitoring, and managing an influx of support calls. Businesses may also face fines or feel pressured to offer discounts or free services to restore goodwill.
To recover fully, you’ll likely need to engage IT security, legal, risk management, and public relations experts — adding to the financial burden.
According to an ACSC survey, nearly two-thirds of Australian small businesses have experienced a cyber incident, commonly involving malware, viruses, compromised emails or payment systems, data breaches, and denial-of-service attacks.
However, many small businesses still face key barriers to strong cyber protection, such as:
- Assuming a limited online presence reduces risk
- Lacking dedicated IT security staff
- Underestimating cyber threats and their complexity
- Poor planning and slow response to incidents
- Struggling to implement robust security measures
- Viewing cyber security as a cost rather than an opportunity for growth
Despite the growing threat, around half of Australian SMEs spend less than $500 a year on cyber security. This “DIY” approach often leaves businesses dangerously exposed — especially when security responsibilities are casually delegated to less experienced staff or family members.
Your cyber security strategy should encompass five key functions — Identify, Protect, Detect, Respond, and Recover — to ensure complete resilience against digital threats.
Cyber Insurance offers business owners peace of mind by providing access to an incident response specialist who helps manage and recover from a cyber event. This dedicated expert coordinates every stage of the response to minimise disruption and damage.
Your insurer may assist by:
- Conducting a forensic investigation of your systems to identify the source and extent of the breach
- Arranging legal support to guide you through compliance and liability matters
- Liaising with regulatory bodies, especially following a privacy or data breach
- Engaging public relations specialists to manage reputational recovery
- Covering system repair and security enhancement costs to prevent future incidents
With the right cyber insurance policy, your business gains both protection and professional support to recover quickly and confidently from cyber threats.
Why you need cyber insurance
There’s no single solution to eliminate all cyber risks. The best starting point is to integrate cyber risk management into your overall business strategy to strengthen resilience. Assess the types of data your business holds and consider the potential consequences of losing it — such as privacy breaches involving sensitive customer information. Understanding your data exposure is the foundation for creating an effective, proactive cyber security plan.
We’re here to help
Every Australian state and territory enforces its own workers’ compensation laws, and coverage is compulsory for all employers — whether your staff are full-time, part-time, casual, apprentices, or engaged under written or verbal contracts.
Workers’ Compensation Insurance provides vital protection for employees who suffer a work-related injury or illness. According to the Insurance Council of Australia, eligible workers may receive weekly income support, medical and hospital expenses, rehabilitation assistance, and lump-sum payments in cases of permanent impairment.
Your insurance premium is typically determined by:
- The total wages paid to employees
- The industry sector in which your business operates
- Your company’s claims history
At ASR Insurances, we help you understand your obligations and secure the right workers’ compensation policy for your business. Whether you’re reviewing existing coverage or arranging a new policy, our experts ensure your business remains compliant and your employees are well protected.
