How Does ii-A Support Businesses in the Rapidly Evolving Tech Sector

Year on year, month on month, the tech sector is rapidly evolving, and many businesses are now struggling to keep up with the ever-changing landscape of the tech industry. With advanced systems such as AI being increasingly utilised in a business environment, cybersecurity has never been more important to retain control of your company.

Yet protecting your data from cyber attacks and cyber-security threats is becoming increasingly difficult for people to manage. Whether it be a lack of expertise, not having access to the most up-to-date software or having the correct support, businesses across the globe are facing more and more cyber threats every year due to the expansion and continuous development of technology.

However despite the ever-growing threat and uncertainty as to whether or not your data is protected, here at ii-A, we believe that everyone has a right to protect data and support to help guide them through the evolving sector.

How Is the Tech Landscape Evolving and How Can ii-A Guide You Through These Changes?

1. AI and Blockchain

Over the past few years, the largest development in the tech industry has been the creation and implementation of AI. From large companies such as Google to small, local businesses across the globe, AI is transforming the way businesses operate and manage their organisation. Whilst it is reshaping the industry with its predictive power, many people distrust the software due to its previous issues of data privacy.

The same could be said for blockchain, a digitalised ledger which stores information and records securely across numerous computers. While this is highly beneficial for businesses and individuals, blockchain does struggle to adapt to business scaling and is not deemed as efficient. Since AI and blockchain have been paired together, in an attempt to minimise problems from both sides, many people have celebrated. However, many people have also struggled to navigate the merge to their advantage.

How can ii-A help support this merge?

While ii-A recognises the benefits of this merge, we also understand the importance of business scaling as well as protecting your data, two downsides to both AI and blockchain. To help ensure that your data is completely secure and that your business will be able to scale up to keep in line with the demands of the tech industry, ii-A offers cover for data breach and data recovery with our tailored cyber-insurance schemes. This means that any unauthorised disclosure of sensitive data will be financially covered, helping to ensure minimal damage to you personally due to other individuals actions.

Manage Unique Risks

As the sector continues to rapidly develop, businesses face more unique risks to their operations. With cyberattacks becoming stronger and more frequent, it is important that businesses are well equipped to deal with any unforeseen risks they may face. 

For example, businesses are now more than ever likely to experience cyber threats such as malware, phishing and ransomware. All of these modern threats can change the landscape of a company. From losing customers to having to stop operations, both temporarily and, in some smaller businesses, permanently, these risks show why it is paramount to invest in a strong cyber-security platform. Without it, you run the risk of customer data breaches, sensitive data being shared publicly or loss of access to your computer systems until a sum of money is paid.

How Can ii-A help you protect yourself from modern security threats?

ii-A is continually evolving to help protect you from the most up-to-date cybersecurity threats. We know that each business is unique and the threats posed to them have the ability to cause permanent damage. Whether it’s a loss of finance or data, here at ii-A we aim to consider cover for each unique threat. For example, if you are facing a threat of ransomware, our cyber extortion cover protects you from losing money from both the ransom payments as well as the cost of negotiation. This allows you to have peace of mind that despite the severe risks, you won’t financially suffer as a result of this breach of cyber security.

As rapidly as the tech sector is evolving, we work harder to ensure that you will be protected from more individualised cyber-attacks. By ensuring you have the best level of cover and top tier cyber-security, you are more likely to be in control of your business’ activities. While we recommend updating passwords regularly and ensuring you are on top of all of your cybersecurity needs, we also recommend that you invest in our cyber insurance, which is the perfect and much needed cover for you and your business. 

In Australia, cyber attacks are increasingly on the rise. If you are a director of a company who experiences an attack, you could be held liable under the Corporations Act. However, by exploring our cover and investing in your cybersecurity and insurance, you are not only protecting your business but also yourself from unwanted charges and unforeseen costs.

What Can Our Cyber Insurance Do for Your Business?

At ii-A, we recognise the swift expansion and continuous development of the technology industry. To help ensure our clients are protected as risks evolve, we use a proactive approach that involves regular checks and continuous updates. Here are just some of the ways our different insurance services can help you and why you need our cover:

1. Why Does Your Business Need Insurance and What Type Should You Invest In?

Having cyber insurance can help protect your business’ credibility and reputation, protect your finances and can act as a risk management tool, to ensure that you maintain the best cybersecurity practices.

We know that not every business requires the same type of insurance, depending on the type of business as well as its size. That’s why we have created two insurance policies-Cyber Risk Insurance and Cyber Liability Insurance. Our Cyber Risk Insurance is designed to protect your business from a wide range of potential cyber-related losses, including data breach response, business interruption, extortion loss, data restoration and crisis management. Our Cyber Liability Insurance covers legal claims and liabilities that arose from a cyber incident. This covers privacy liability, regulatory fines and penalties, media liability and network security liability.

2. Personalised Consultations and Educational Workshops

Our goal is to provide a service where our clients are well informed and up to date on the latest technologies and insurance products. To do this, we provide our clients with updated brochures and workshops, so that they can stay in the loop when it comes to their insurance. At ii-A, we also want to tailor every insurance cover to each individual business, helping to make sure that your experience is personalised and meaningful for you. We do this from day one- with an in depth consultation that helps you understand the varying insurance policies available.

3. Regular Policy Reviews

As the tech world evolves, so do our policies. We continuously aim to ensure that our cover is up to date with our clients needs. Here at ii-A, we also believe that clients have the right to be kept up-to-date with any changes we are considering implementing, so they know how it will impact their business.

If you want to learn more about how a meaningful relationship with us can help elevate your business in this ever-expanding tech landscape, you can contact us here to learn more about the value our insurance can bring to your company.