Do I need Cyber Attack Insurance?
We are able to provide risk analysis & advice on Cyber Insurance designed to protect your business against liabilities and financial losses as a result of cyber attacks.
This often relates directly to
- data breaches and
- loss of personal sensitive information
by sophisticated hackers.
Cyber attacks are becoming increasingly more prevalent with data breaches affecting thousands of businesses every year. The risk and rate of attack is rapidly increasing. In Australia the changes to the Privacy Act came into effect in Australia from the 12 of March 2014. Amongst others, the Privacy Commissioner now has enhanced enforcement powers, including the ability to award penalties up to $340,000 for individuals and $1,700,000 for corporations.
1. In 2013 Targeted attacks grow by 91%.
2. In 2013 there was a 62% increase in data breaches from the previous year and 8 breaches exposed more than 10 million records.
3. Ransomware attacks grew 500%. Ransomeware can put businesses who trade online or offline out of business for periods at great cost in lost profits or ransom settlements.
4. Over 552 Million identities were stolen. Potential privacy liability exposures from customers taking action against the business at fault are on the rise and will continue to rise as the public becomes more aware of the failings. This trend will only increase more rapidly if Australia introduces compulsory notification of incidents to clients.
5. 38% of mobile users have experienced cybercrime in the past 12 months.
6. 1 in 392 emails contains a phishing attack. Social engineering is a key tool of the cyber attacker. Cyber risks are a people issue, not a technology issue.
7. 1 in 8 legitimate websites have a critical vulnerability.
Source: Symantec 2014 Internet Security Threat Report, Volume 19.
Cyber crime has become a case of “When” not “If”.
Cyber Covers Explained:
Security and Privacy Liability: Coverage for both online and offline information, virus attacks, denial of service, and failure to prevent transmission of malicious code.
Privacy Regulatory Defense and Penalties Coverage: for defense costs and fines/penalties (where insurable) as a result of a privacy/security breach or beach of privacy regulations.
Privacy Breach Response Costs: Customer Notification Expenses, Customer Support and Credit Monitoring – Includes all reasonable legal, public relations, advertising, postage, credit monitoring, education, IT forensics, call centre and identity theft restoration expenses incurred in response to a privacy breach.
Multimedia Liability Coverage: for both electronic & print media, including claims alleging infringement of copyright/ trademark, libel/slander and invasion of privacy
Network Asset Protection (including Non-Physical Business Interruption): Coverage for all reasonable and necessary sums required to recover and/or replace data that is damaged, altered, corrupted, distorted, stolen, misused or destroyed. Business interruption and extra expense coverage for income loss as a result of the total or partial interruption of the insured’s computer system
Cyber Extortion: Will pay extortion expenses and extortion monies as a direct result of a credible cyber extortion threat Cyber Terrorism Coverage for income loss, interruption expenses and mitigation costs as a result of the interruption of the insured’s computer system due to a cyber-terrorism attack.
Industries at High Risk:
Company IP & Designs
Free Wifi Spots