Cyber-crime: A growing menace

barksupport Insurance, Technology

Every day, virtually all companies in Australia handle electronic data containing sensitive information about their clients as well as corporate information about their own company. All are faced with real liabilities if data falls into the wrong hands or enters the public domain accidentally or fraudulently.

Cyber issues are a growing scourge of commerce worldwide. From hackers who seize and hold your data for ransom to denial of service attacks; inadvertent or negligent breaches of client data; websites not being accessible, leading to loss of reputation… the outcomes of a cyber security incident can have a significant impact on the finances and reputation of a business.

Many businesses operate under the belief that their existing insurance policies are enough to cover their data security and privacy exposures. This is not the case.

A cyber insurance policy, tailored to your needs, is the iron-clad solution to protect you from financial loss and prevent serious damage to your reputation in the event of a successful cyber-crime attack.

Although stopping the hackers and other criminals in their tracks is not within the capability of insurance, it is able to provide the next best thing… picking up the financial pieces of damaged businesses following a cyber attack event.

Cyber attack insurance. What can be covered?

Costs and expenses incurred by your business as a result of but not limited to:

  • Breach of privacy
  • Damage to your network or website
  • Transmission of a virus
  • Business interruption
  • Hiring negotiators and paying a ransom
  • Recovering or replacing records or data
  • Liability and loss of third-party data
  • Defence of legal claims
  • Copyright infringement
  • Crisis management and monitoring
  • Prevention of further attacks

To implement the right cyber risk protection strategy for your business please complete our Cyber Review request form here.