What would you do in the event your IT System or website was hacked and your private data and customer details stolen?
What would you do in the event your data has been destroyed in a virus attack?
How would you defend and pay for legal fees when data or private details of someone else is stolen from your computer system?
- Cyber crime is one of the fastest growing types of crime in the world. According to computer security company Symantec, one in five Australian businesses were attacked last year, of which half were small and medium enterprises.
- Companies that store private and confidential data and information about their customers, have a duty of care to keep this information safe and secure. The last thing a business wants is for this information to fall into the hands of a third party.
- Unrealistic reliance on standard security software and IT maintenance staff, leave companies largely exposed to cyber attack, hacking and theft.
- Cyber attacks have emerged as a serious threat for Australian businesses. The consequences of an attack can be severe, resulting in destruction of assets and reputational damage. As there is only a limited regulatory framework to protect the private sector, businesses need to look after themselves.
- It is not just big corporations at risk – any business that operates an IT system, website or uses the internet (which, according to the Australian Bureau of Statistics, is 92 per cent of Australian businesses) is at risk.
WHAT IS CYBER INSURANCE?
- Cyber insurance can help organisations get back to business after a cyber attack or a data breach. As organisations become more reliant on technology, insurance products need to adapt to the changing environment.
- Cyber insurance is a tailor made product providing extensive cover for liability and expenses a business may incur arising out of unauthorised use of, or unauthorised access to, physical and electronic data or software within an organisations computer network or business.
- Cyber insurance also provides cover for restoration of IT infrastructure and data, virus extraction costs, cyber extortion costs, defence costs, cost of notifying customers, regulatory investigations, fines & penalties and public relations management.
EMERGENCE CYBER EVENT PROTECTION INSURANCE POLICY
- Covers Losses to Your Business
- Covers Losses to Third Parties and Customers
- Cyber Event Response Costs
- Contingent Business Interruption
- Costs and revenue replacement cover
- Sums payable, inc. regulatory fines, penalties and defense costs
- Costs incurred through event response and management services
- Costs and revenue replacement if external supplier suffers a Cyber Event
The policy also provides 24 hour / 7 days a week Cyber Breach Support.
Should you wish to discuss Cyber Insurance further or require a formal quotation, please do not hesitate to contact our office.
Tel: 07 55 791 600