In the past two decades the global proliferation of digital technology, and unscrupulous figures seeking to exploit it, has seen cyber risk become one of the leading risk factors for businesses in Australia.
The Australian Government estimates almost 700,000 businesses have already fallen victim to cyber crime, with many not even realising. 60% of these attacks were targeted at small to medium size businesses with the average cost of a cyber crime attack being more than $275,000. Despite the potential risks and costs, most businesses in Australia remain largely unaware of their cyber exposures. If this includes yours, now is the time to speak with Us. We are experts at assisting small businesses to understand the full scope of their technology risks.
An Evolving Policy
By its very nature, Cyber Insurance is a modern policy wording that’s constantly evolving in the Australian marketplace. Cover often varies significantly between insurers and it can be difficult to compare what is and isn’t covered by different policies. This makes it essential to fully understand your cyber exposures to ensure your business is adequately protected.
Cyber Insurance Considerations
Below are some of the key policy considerations we can assist with when looking at your cyber insurance requirements. Privacy Issues
- Privacy Breaches – Is there cover in place for loss of a customer’s personal information, commercial confident information and employee information?
- Privacy Fines & Investigations – Does cover include fines and penalties incurred due to a privacy breach? Does this cover include defence and investigation costs?
- Privacy Breach Notification & Loss Mitigation – Are your breach costs covered, including credit monitoring, identity theft monitoring, data restoration and forensic costs?
Is there cover for lost, damaged or destroyed IT systems, records and data? Is there cover for external IT forensic or security consultants?
Is there cover for loss of profits due to a cyber event? What are the pre-requisites to claiming? What is the extent of cover?
Computer Viruses and Hacking
- Are you covered for liability from hacker attack or virus?
- Are you covered for loss or theft of your data?
- Are you covered by attacks by employees and third parties?
- Are you covered for loss by phishing emails?
- Are you covered for Denial of Access attacks?
Are you covered for ransom payments and the costs of negotiating or mediating a security threat?
Does your insurer provide you with crisis management to handle a cyber event?
Does your cover provide protection of your brand? How extensive is the cover? Does it extend to cover personal reputation of senior executives?