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Cyber Insurance

According to Wikipedia "Cyber-insurance is an insurance based product used to protect businesses and individual users from Internet based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products."

Small businesses at risk from cyber breaches

Did you know that in recent years over 70% of Australian businesses experienced cyber crime? And that 40% were directed at small and medium businesses?

Cyber insurance is becoming more and more important for businesses as the implications of technology and cyber security risks become more severe.

Mandatory data breach notification regime now in Australia

As reported in Computerworld, "Australia will finally get a mandatory data breach notification regime after a government bill was .... passed by the Senate".

Under the legislation an eligible data breach is "is unauthorised access to, unauthorised disclosure of, or loss of, personal information held by an entity" where "the access, disclosure or loss is likely to result in serious harm to any of the individuals to whom the information relates".

The notification regime created by the legislation will cover most Australian government agencies, businesses with an annual turnover in excess of $3 million, and some smaller organisations (such those that handle health data).

Does your small business need cyber insurance ?

Also known as 'hackers insurance', cyber insurance can protect against technology related business interruption, such as not being able to access the Internet and email, virus attacks, data loss due to viruses. Coverage for websites is also a form of cyber insurance.

As many businesses outsource web hosting and other online functions, they may be vulnerable to downtime if their technology suppliers have technical issues or go out of business.

Cyber insurance can also protect against infringement of intellectual property, online identity fraud, system suspension, theft of data, privacy protection, breach cost, cyber liability and cyber extortion.

Cyber insurance policies can be customised for both small and large businesses, the dependence of your business on technology and the level of usage of email and Internet in your business.

For cyber and privacy protection claims examples please click here.

For website insurance and to talk to us about protecting your business against viruses, hackers, breaches and extortion contact us.

1300 542 573

TALK to a SMART Business Insurance adviser

Business Hours:

Monday – Friday 8.45 am - 6.00 pm AEST


Further reading on cyber security and protecting your small business with cyber insurance:

Add This Infographic to Your Site


http://www.aig.com.au/business/products/financial-lines/cyberedge

https://www.cgu.com.au/insurance/cyber

Talk to a SMART business insurance broker about AIG cyber edge or CGU Cyber defence to see if they are suitable and affordable for your business.

Risk

  • Losses to your business
  • Loss to others
  • Cyber Event response costs
  • Contingent business interruption

What may be covered

  • Costs and revenue replacement cover Sums payable, inc. regulatory fines, penalties, and defence costs
  • Costs incurred through event response and management services
  • Costs and revenue replacement if external supplier suffers a Cyber Event

Example

  • Business interruption
  • Cyber investigation expenses
  • Breach of privacy laws
  • Fines and penalties
  • Credit and identity monitoring
  • Customer notification costs
  • Data restoration and securing costs
  • Cyber extortion costs
  • Virus extraction
  • Business interruption

Cyber event protection – call us on 1300 542 573 or "make an enquiry " if you think your business may be exposed by the cyber risks below.

Point of Sale (POS) intrusions

Where retail transactions are conducted, specifically where card – present purchases are made.

Cyber Extortion

Crime involving an attack or threat of attack against your IT infrastructure , couple with demand for money to stop the attack.

Insider and Privilege Misuse

Any unapproved or malicious use of organisations resources. Mainly insider misuse or external (through collusion).

Crimeware

A form of malware. Primary goal is to gain control of systems to steal credentials.

Miscellaneous Errors

People make mistakes! Unintentional actions directly compromised a security attribute of an information asset.

Cyber Espionage

Unauthorised network or system access linked to state affiliated actors and / or exhibiting the motive of espionage.

Web App Attacks

This includes exploits of a code – level vulnerabilities in the application as well as thwarting authentication mechanisms.

Denial of Service

Intended to compromise the availability of networks and systems. Includes both network and application layer attacks.

Physical Theft and Loss

Any incident where an information asset went missing, whether through misplacement or malice.

Payment Card Skimmers

Where a skimming device is physically implanted on an asset that reads magnetic stripe data from a payment card