Cyber Risk Insurance
Cyber risk is increasingly becoming a topic of conversation in todays world and should be considered as part of a business insurance strategy.
With societies deepening reliance on the internet to carry more and more of our essential tasks. The ability to reach one another around the world regardless of
time and distance, our changing buying habits and the great expansion of tools and gadgets connected to the internet, we are now hearing more and more stories in
the media of malicious cyber attacks on government, public and private companies.
According to a recent article on February 18, 2013 published in the Sydney Morning Herald – “Rise in cyber attacks against Australian Business”, cyber attacks against
Australian organisations are rising with more than one fifth of 255 major companies surveyed for a new government report admitting they were targets in the past.
More than half of the affected organisations surveyed believed the attacks on their company to be targeted rather than indiscriminate.
A recent internet site hacking was “Ashley Madison”. The Canadian-based online dating and social networking service was hacked in August 2015.
This received worldwide attention with more than 30 million Ashley Madison users personal data being leaked online. Details such as their names, email addresses
and physical descriptions all available for others to search.
Insurers are now responding to this threat by gradually developing insurance products to meet the increasing demands.
Some of the cyber insurance products now available include both cyber and privacy protection covers designed to address the exposures faced from relying on the internet,
email, websites, computer programs and the storing of private information about clients.
What is covered?
Covers can now include :
⊗ Privacy Protection – third party claims from a failure to keep data secure,
⊗ Breach Costs – reimbursement of your own costs when a data breach occurs,
⊗ Cyber Business Interruption – Compensation for lost or reduced revenue,
⊗ Cyber Liability – third party claims as a result of content in email, on the internet, extranet or website,
⊗ Hacker Damage – Reimbursement for costs to repair, replace or restore systems and data as a result of a hack,
⊗ Cyber Extortion – Payment of ransom demands, and specialist consultants fees, where a hacker holds, or threatens to hold
your website, extranet, intranet, network, programs or data to ransom.
Travel agency with 4 location, $10 million turnover and 30 staff
The insured experienced three separate data breaches over a three year period in which hackers gained access to the company’s computer system.
Over 250,000 individual credit card information and passport details were compromised.
$1.75m was paid for the forensic and legal costs in defending the investigation brought by the regulator costs of notifying affected individuals
including providing credit monitoring services.
(supplied by Dual Australia P/L)
How can we help?
We can help by sourcing the adequate policy for your requirement. Explaining the range of covers and obtaining competitive pricing.Contact Us