As cyber threats continue to rise globally, SM E insurance brokers have an opportunity to help their real estate clients manage the cost of cyber incidents with robust Cyber Insurance from BizCover for Brokers (B4B).
“Real estate agencies manage extensive client data and conduct high-value transactions daily, making them prime targets for cybercriminals,” says Jane Mason, Head of Immediate Business at BizCover for Brokers. “BizCover for Brokers offers multiple Cyber Insurance options that can protect these businesses from the devastating financial impact of such cyberattacks.”
99% of real estate agencies in Australia are small businesses, w hich are often less equipped to handle cyber threats compared to larger corporations. Furthermore, real estate agents often manage large client lists and engage in high-value transactions. This exposes them to cyber risks like identity theft and fraudulent transactions.
The time sensitive nature of the real estate industry also increases the vulnerabilities of real estate agents to ransomw are attacks. Agents who getlocked out of their ow n systems may feel pressured into paying the ransom, so they meet crucial deadlines. It’s no surprise then that ransomw are accounted for 10% of all cyber incidents reported to the Australian Signals Directorate (ASD ) last year.
Other cyber risks faced by real estate agents w ere highlighted by Scamw atch, which reported near $28 million in losses in 2023 from false billing scams alone. Meanwhile, the ASD saw an increase of 14% in the average cost per cybercrime reported in 2023, translating to $46,000 per incident for small businesses and $97,200 for medium ones.
To combat these challenges, the B4B platform offers a streamlined solution for quoting and binding Cyber Insurance.
Brokers can quickly compare multiple Cyber Insurance options for their SME clients from leading insurers— AIG , Chubb, and DUAL— with turnover limits of up to $2 million and over 5,000 occupations covered. Cyber Insurance policies are designed not only to cover potential legal fees and settlements, but also include 24-hour incident response services to mitigate damages from cyber incidents.
Platform training is available to help brokers tackle the challenges of explaining to their SME clients about the questions asked on the Cyber Insurance proposal forms. These sessions explore the under writing intent behind the questions and the best ways to explain them.
Brokers can also access BizCover for Brokers training and development resources to enhance their client education efforts. These resources include cyber threat guides, training videos and BizCover for Brokers’ monthly Cyber Digest email.
Cyber Insurance may not be high on many SME ow ners’ to-do list. How ever, it’s important for brokers to remind their SME clients that cybercriminals don’t discriminate by business size or industry.
“Cybercriminals don’t really care how big a business is,” says Mason. “They are simply looking for easy targets. And a single cybercrime incident could potentially result in thousands in lost revenue, fines, penalties and reputational damage for a small business.”
“It’s important for brokers w ith real estate clients to review and bolster their clients’ cybersecurity measures. Cyber Insurance can be a vital part of their risk management strategy.” says Mason.
For more information on how to safeguard your SME real estate clients against cyber threats, visit https://bizcoverforbrokers.com.au/cyber
About BizCover for Brokers
BizCover for Brokers is a full lifecycle platform for business insurance brokers that streamlines the end-to-end process when servicing their SME clients. Created by brokers for brokers, the platform empowers brokers by increasing efficiency.
The B4B platform boasts a broad appetite across eight products covering over 6,000 occupations. With single data entry, brokers can compare multiple quotes for multiple products from multiple insurers and bind in minutes. Every broker on the B4B platform also has access to our dedicated Service team for additional assistance when they need it most.
Media Contact
Adriana Rey
adrianar@bizcover.com.au
0431 537 874
BizCover for Brokers acts as agent of the insurer and not as the agent of you or your client. Any advice provided is general advice only and does not take into account the personal objectives, financial situation or needs of you or your client. Always read the Product Disclosure Statement or Policy Wording (available on our website).
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