Cyber Insurance Explained

 

Cyber insurance is used to protect businesses from internet based risks. These types of risk are generally excluded from general liability policies or at least do not offer a detailed enough coverage.

No business is safe from cyber attacks in today’s digital world as cyber criminals have become far more sophisticated using crafty tactics such as phishing to steal money, phreaking and social engineering fraud.

The number of claims against businesses relating to cyber crime have seen a dramatic increase. 1 in 2 Australian small and medium businesses receive payments online

It remains a major priority for Australian business owners to protect their organisation against cyber crime and the devastating costs.  The average cost of a cyber attack for a business $276,323 and continues to be a large priority for international cyber criminals.

 

What does Cyber Crime Insurance Cover?

 

A typical Cyber Liability and Privacy Protection Policy will provide cover for:

  • Fines and penalties incurred as a result of a Cyber event  or a breach of Privacy.
  • First & Third Party costs and expenses  as a result of a Cyber event or a breach of Privacy.
  • Business Interruption as a result of a Cyber event or a breach of Privacy
  • Consequential Loss  as a result of a Cyber event or a breach of Privacy.

 

Your Bespoke broker will work with you to offer some important tips to help reduce your Cyber Risks such as;

 

  • Establishing processes to ensure any changes to client or supplier information such as bank account details are only acceptable either in person or with verbal verification.
  • Establishing regular privacy training to ensure all employees understand personal information handling procedures.
  • Scheduled &  regular data back-ups
  • Ensure your Malware & Antivirus protection is up to date.
  • Establishing and maintaining a Cyber Attack Response Plan
  • Establishing a company protocol to have planned changes passwords and monitor strength of passwords
  • Establishing and maintaining a Cyber Security Policy and educate sf

 

For more information or to arrange a quote, please contact our team today.

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