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Cyber Insurance

 

Prompt action after a Cyber Attack will help minimise not only the monetary loss of your business, but also your reputation with clients. Cyber Crime, is a growing concern to all businesses, and if you're connected to the internet you're at risk.

 

A Cyber Incident can be as simple as attaching the wrong file to an email, or opening an email with a virus. This can lead to a breach of privacy laws, and hefty fines.

 

How Can Cyber Insurance Help your Business?

 

Costs and Remediation Cover

Costs to fix IT Systems, pay IT Forensic Consultants to restore customer data, Reward cover, Cost of Customer Communications/ Notifications in relation to incident. Or even costs of negotiating & mediating due to an extortion attempt.

 

Profit & Revenue (Business Interruption) Cover

If a cyber incident impacts the ability to earn income. I.e. site shut down. This cover is designed to put your business back in the same financial position prior to the incident.

 

Liability 

Stolen credit card numbers, financial reports, medical records, birth dates and the loss of sensitive personal data can leave you liable and exposed.

 

For peace of mind against legal action from a third party, Liability cover is a must. Cover may include protection for breach of privacy, defamation, transmitting a virus, regulatory fines & penalties, including cover for your defence costs.

 

Helpful Advice

 

The Australian Institute of Criminology have some recommendations for how to protect your business. They include the following;

 

  • Use different passwords for every account and ensure they are strong
  • Back-up your business data regularly
  • Store backed up data off-site and check the stored data periodically
  • Keep antivirus software up to date, along with software patches and updates
  • Be conscious of personal information shared online
  • Know where cloud based data is stored.