Kochie’s Business Builders Explains Cyber Insurance

Kochie's Business Builders

Kochie’s Business Builders Explains Cyber Insurance

To help explain cyber insurance, Steadfast have partnered with Kochie’s Business Builders to produce this short explainer video.

30% of small businesses in Australia experiencing a cybercrime incident

Most cyber attacks are caused by human error the average cost of business was a huge $276,000 in 2015 with over 30% of small businesses in Australia experiencing a cybercrime incident

Why do I need it?

If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, it’s likely that your business will suffer a cyber attack at some stage. A cyber attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.
Kochie's Business Builders
What usually isn’t covered?

Exclusions and the excess you need to pay can vary greatly depending on your insurer. Policies generally won’t include cover for:

  • Damage to computer hardware
  • Criminal actions committed by you or your business
  • A cyber attack based on facts of which you were aware
  • Criminals using the internet to steal money from you

Compare Cyber Insurance Quotes from leading Australian Insurers like AIG, Allianz, Brooklyn Underwriting, CGU, Chubb, Dual, Emergence and Zurich.

 

Compare Cyber Insurance

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Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Compare Australian Cyber Insurers

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

How can I protect myself against the WanaCry Ransomware?

Ransomware

WanaCry Ransomware

To best avoid infection of this sort we advise that the following steps are taken to maximise your system protection.

How can I protect myself against the WanaCry Ransomware?

You can protect yourself against the ransomware in the following ways:

  • Ensure you have a valid corporate Antivirus subscription
  • Ensure your Antivirus is up to date
  • Ensure that port 445 is closed on your network
  • Ensure you are up to date with all Microsoft updates on your server and workstations
  • Back up your data with an external hard drive or to the cloud

Please contact your local IT Support if you are unsure if you are protected, or may have the ransomware on your computer.

Need Cyber Insurance?

Compare Cyber Insurance

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Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrant the accuracy of any information contained therein, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Compare Australian Cyber Insurers

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Australian cyber threat to the private sector

Cyber Threat

The Cyber Threat to Australian Business may be larger than first thought with many Australian businesses refusing to report breaches due to concerns the disclosure may adversely affect their reputation or create legal or commercial liabilities.

In the second of the Australian Cyber Security Centres cyber threat report

Extract from  ACSC Threat Report 2016:

Australian industry is persistently targeted by a broad range of malicious cyber activity, risking the profitability, competitiveness and reputation of Australian businesses. The spectrum of malicious cyber activity ranges from online vandalism and cybercrime through to the theft of commercially sensitive intellectual property and negotiation strategies.

The ongoing theft of intellectual property from Australian companies continues to
pose significant challenges to the future competitiveness of Australia’s economy. In
particular, cyber espionage impedes Australia’s competitive advantage in exclusive
and profitable areas of research and development – including intellectual property
generated within our universities, public and private research firms and government
sectors – and provides this advantage to foreign competitors.

The ACSC’s visibility of cyber security incidents affecting industry and critical infrastructure networks is heavily reliant on voluntary self-reporting.
Some companies may be hesitant to report incidents to the government due to concerns the disclosure may adversely affect their reputation or create legal or commercial liabilities. For example, in some cases victim organisations have sought legal advice before reporting an incident.

Many cyber security incidents across the private sector are undetected or unreported. Increased reporting of cyber security incidents by the private sector would subsequently increase the ACSC’s knowledge of cyber adversaries who target Australian industry and critical infrastructure, and the methods they employ. This knowledge would further enable the development of cyber security advice and mitigation strategies.

The ACSC is making a dedicated effort to engage industry on cyber threats and associated mitigation strategies through a process of sustained engagement. However, the private sector’s ability and willingness to recognise the extent of the cyber threat and to implement mitigation strategies varies considerably across and within sectors. Generally, companies that have been extensively targeted or compromised are more likely to view the business risks associated with the cyber threat as sufficient to warrant investment in cyber security.

Those without direct experience of being targeted or a victim may not be aware of the potential economic harm malicious cyber activity can cause their businesses, do not
understand the value of the data they hold, and cannot conceive why they would be targeted.

 

Australian Cyber Threat

Between July 2015 and June 2016, CERT Australia responded to 14,804 cyber security incidents affecting Australian businesses

Between July 2015 and June 2016, CERT Australia responded to 14,804 cyber security incidents affecting Australian businesses, 418 of which involved systems of national interest (SNI) and critical infrastructure (CI).

CERT Australia relies heavily on the voluntary self-reporting of cyber security incidents from a wide variety of sources throughout Australia and internationally and therefore does not have a complete view of incidents impacting Australian industry.

Sources: www.acsc.gov.au

Need Cyber Insurance?

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Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Compare Australian Cyber Insurers

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

 

Cyber crime and your small business

Cyber Crime

It might be easy to dismiss cybercrime as completely irrelevant to your business on account of its small nature — who would actually take the time to exact a cybercrime against your small business when they could be hitting the big leagues, right?

The reality is that cyber crime is believed to cost Australian businesses — of all sizes — around $4.5 billion a year, but despite that, so few businesses are insured against it.
In fact, small businesses have been the slowest to protect against cyber crime, making them more vulnerable to the threat.

When you consider that almost all businesses have an internet presence or make use of the internet in their everyday business dealings, it becomes pretty clear that cybercrime presents a risk to even the smallest businesses.

Pretty much every business — be it big or small — will be reliant on data to some extent. Such data can include employee profiles, private corporate information, any identifying numbers (like Medicare and driver’s license numbers), and information of a personal nature about customers, budget details, and credit card information. The consequences of such data being breached and made public can be wide-ranging.

So, let’s have a look at cybercrime and insurance a little further so that you can make a more informed decision about whether or not it’s worth looking into for your business.

What is a cybercrime?

In basic terms, cybercrime is a blanket term for any type of activity of a criminal nature that is carried out using a computer and/or the internet.

Cybercrime includes all of the following:

  • Identity theft
  • Cyberstalking
  • Use of malware
  • Use of viruses
  • Computer and network hacking
  • Online scams
  • Phishing scams
  • Fraud
  • Information theft
  • Extortion

When you consider that almost all businesses have an internet presence or make use of the internet in their everyday business dealings, it becomes pretty clear that cybercrime presents a risk to even the smallest businesses. Criminals don’t necessarily need to hack your systems to commit cybercrime; if they manage to get their hands on a laptop, iPad or mobile phone belonging to your business (either because it has been stolen or left unattended), they have easy access to your information and are able to more easily commit their crimes.

How will cybercrime affect my business?

The ways in which cybercrime can affect your business are actually a lot more expansive than one may have initially thought and are usually not contained to a defined period of time; rather, the effects tend to be ongoing and costly.

Beyond the general business interruption, a breach of data that results in personal information of customers or employees being made public can result in significant fines, legal fees, and costs associated with investigating the breach and notifying customers of the potential effects it may have on them.

Consider also the loss of business. Your existing customers are unlikely to continue being your customers if their personal information becomes public — and even if a cybercrime committed against your business doesn’t directly affect them, the fact any crime was able to be committed at all will leave them feeling uneasy.

A cybercrime against your business could also affect your reputation and drive away potential customers who may think twice about dealing with you given your company’s cybersecurity shortcomings.

Can’t software keep my business safe from a cyber attack?

Yes, there are certain things you can do to help minimise the risk of a cyber attack and these things include all of the following:

  • Reputable anti-virus programs
  • Secure data back-up
  • Firewall technology
  • Data encryption
  • Laptop and mobile security
  • Adequate social media policies

If all of this sounds like gibberish to you, don’t feel bad. The reality is that most businesses aren’t aware of the extent to which they need to have such things in place to protect themselves and their information, which often leaves them incredibly vulnerable to cybercriminals.

And, unfortunately, even if you do have all the right systems and software in place, your business is still at risk — particularly if your business involves the collection of customer information, including personal, credit card and bank details.

What does cyber insurance cover?

Although policies will vary between insurers, a typical cyber insurance policy is designed to help you with both preventing breaches in the first place and dealing with them if and when they occur. Cyber insurance policies usually include the following:

  • The cost of restoring or recreating electronic data following a breach or leak
  • Forensic services to investigate a breach
  • PR coaching in the event a breach harms your business’s reputation
  • Assistance guarding against data breaches, hacking and employee error
  • Guidance on how to respond to a breach
  • Funds to cover the adverse financial effects related to a breach
  • Funds to cover any fines that might be payable following a breach

Small businesses have been the slowest to protect against cyber crime, making them more vulnerable to the threat.

Source Steadfast

Speak to one of Insure 247’s brokers on 1300 046 787

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Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Compare Australian Cyber Insurers

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Cyber Insurance Know Cyber Risk

Cyber Risk

cyber-risk

Cyber Insurance Know Cyber Risk

We live in a modern, connected world and from our computers at work, to our laptops, tablets, phones and even our TVs, we’re vulnerable online.

While it’s easy to think you would never be the victim of a cyber-attack, studies are showing that it is happening more and more every day, which is why we’ve put together these resources on how you can protect yourself, your family and even your business online.

Trolls and Trojans – thievery in the digital age

In the vast world of the online there are things you need to do to keep your information safe.

Cyber Insurance

Did you know that almost seventy per cent of Australian businesses have experienced a cyber-attack in the last 12 months? With technology being so important to the way we work and with more attacks predicted in the near future, cyber insurance isn’t just a nice-to-have, it’s a necessity.

Cyber insurance for small businesses

Information for small business owners on cyber risk and cyber insurance.

Privacy and your business

Some information on how the new Privacy Act will affect your business.

5 ways to protect yourself online

Some helpful hints to protect your personal information when online.

7 Ways to hack proof your password

Here are seven tips on how to make your internet passwords stronger.

Learn how to keep track of your digital footprint

Information on how to protect yourself online.

Don’t put up with cyberbullying

Info on how to beat the cyber bullies.

How can you keep your kids safe online?

Information on how to keep your children safe from online predators.

10 Silly things people do with their smartphones

How many silly things do you do with your smartphone?

BYOD is not just a BBQ buster

Tips on how to prevent security issues with your mobile device.

Five tips to protect yourself from webcam hackers

Stop hackers from breaking into your home while not even there.

Social media – it’s harmless…right?

The pitfalls of social media, and how you should protect your privacy.

Cyber Security. Evolved.

This short video highlights how in less than 300 seconds you can experience the speed and intensity of a cyber attack.

Other resources cyber risk

Find more information on cyber security at:

Source knowrisk.com.au

Do you need to know more about Cyber Insurance speak to one of Insure 247’s brokers on 1300 046 787

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Cyber Risk

Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Compare Australian Cyber Insurers

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Identity Theft – Know the Perpetrators

Identity Theft – Know the Perpetrators

Remember that awful Sandra Bullock movie? No, not Speed 2 – although that was outrageously bad. We’re talking about The Net. It’s a film from the nineties about a computer programmer that stumbles on a government conspiracy and has her identity stolen and replaced. Sure, the technology is laughably out of date – it was filmed in 1995 – but it was one of the first films to deal with technology-based identity theft.

About Identity Theft

Identity theft is growing at a rate of about 15-20 per cent each year, which means every one of us could be a potential victim, regardless of our age, nationality or status. Financial loss is only a part of how identify theft can affect you; there’s also the risk of reputational damage or damage to your credit rating which could take months and sometimes years to repair.

Know the Perpetrators

But who are the people behind these unseen crimes? Who are you at risk from? This infographic by Hotspot Shield shines the light on three types of crooks behind identity theft and shows us their nefarious methods of obtaining your personal information and how you can limit your risk of becoming the next victim of identity theft.

Source: knowrisk.com.au

identity-theft-infographic_small

Speak to one of Insure 247’s brokers on 1300 046 787

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Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Compare Australian Cyber Insurers

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

3 steps you can take to manage cyber risk

Manage cyber risk

Manage cyber risk

Internet usage continues to rise across the globe. Along with this, comes an increase in cyber-crime, which according to a report by Mcafee, is estimated to have cost the global economy USD$445 billion in 2013 . In Australia, the cost is estimated at 0.08% of GDP per year, or approximately AUD$1.28 billion. The Mcafee report attributes this partly to the fact that, ‘Cybercrime produces high returns at low risk and (relatively) low cost for the hackers.’

In addition to taking out cyber insurance, businesses can proactively mitigate the cyber risk and a cyber-attack by undertaking a range of measures including:

  • Implementing business-wide cyber-risk management
  • Seeking external specialist advice
  • Identifying the type of data that needs to be secured

Don’t just leave Cyber Risk to IT

Cyber-risk management should not only be considered the domain of the IT department. It affects the entire business and from the board down, the business needs to think about how to manage that risk and how to develop contingency plans if something does go wrong.

Seek external specialist advice
The increasing variety and sophistication of cyber-crimes mean that independent specialist external advice on securing systems is essential for businesses. It is very rare that a business will have sufficient internal resources to address this problem fully both prior to and certainly following the loss.

Identify the type of data that needs to be secure
Firms should conduct an audit of their network to ensure sensitive records have an appropriate level of security. Companies in the business of dealing with sensitive financial that hold personal information including name, address, date of birth – the very kind of data that could be the target of an attack.

 

Cyber Insurance

Allianz currently offers cyber insurance for the top end of the market through AGCS and we are working on the release of a cyber insurance product tailored specifically to the needs of SME customers. We expect to make it available to the market by the end of the year.
1 Reference

Source allianzinsight.com.au

Speak to one of Insure 247’s brokers on 1300 046 787

Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrant the accuracy of any information contained therein, readers should make their own inquiry’s before relying on information in the stories Terms of Service

Cyber Insurance Comparison

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs

Cyber Risk

 

10 types of cyber attacks

cyber attacks

10 types of cyber attacks

The following cyber attacks, are examples of how cyber crime can affect your business. Cyber attacks are estimated to costs Australians more than $1 billion a year.

Point of Sale (POS) intrusions Point of Sale (POS) intrusions

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

Cyber Extortion Cyber Extortion

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

Miscellaneous Errors Miscellaneous Errors

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

Cyber Espionage Cyber Espionage

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

Denial of Service Denial of Service

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

Physical Theft and Loss Physical Theft and Loss

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

Insider and Privilege Misuse Insider and Privilege Misuse

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

cyber-claims Web App Attacks

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

Payment Card Skimmers Payment Card Skimmers

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

Crimeware Crimeware

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

Source Emergence Cyber Insurance

Does your Cyber Insurance cover all these events?

Speak to one of Insure 247’s brokers on 1300 046 787

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Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Compare Australian Cyber Insurers

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Zurich – the ins and outs of cyber risks

Zurich Cyber Risk

Cyber risks

Zurich Cyber Insurance

Cyber insurer Zurich‘s Global Head of Special Lines Lori Bailey has published an article outlining the ins and outs of cyber risks.

See where cyber risks originate, how they accumulate and how they can derail mission critical aspects at every level of your business.

kh-image-the-ins-and-outs-of-cyber-risks

The consequences of cyber risks can disrupt critical business infrastructure and derail productivity at the operational level. Here’s a complete look at where they originate, what they target and their consequences.

Cyber Risk Sources

  • Human error accounts for 52 percent of cyber breaches, according to a study by CompTIA.
  • Creating resilience to cyber risks requires focus on educating and training employees

kh-image1-the-ins-and-outs-of-cyber-risks

CyberRisk Targets

  • Indirect targets of cyber encroachments are as significant as direct targets.
  • Access to financial information, for example, could put at risk the financial information of a private company that is a customer.
  • This underscores the need for a holistic view of cumulative cyber risks.

kh-image2-the-ins-and-outs-of-cyber-risks

CyberRisk Consequences

  • The consequences of cyber risks are not limited to lost data.
  • Transactions can fail; supplies or products can be misdirected.
  • Manufacturing can be halted or output faulty goods; safety issues can cause injuries.
  • Dissatisfied customers can turn elsewhere.

kh-image3-the-ins-and-outs-of-cyber-risks

Source: Zurich

Speak to one of Insure 247’s brokers on 1300 046 787

Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrant the accuracy of any information contained therein, readers should make their own inquiry’s before relying on information in the stories Terms of Service

Cyber Insurance Comparison

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs

 

Cyber insurance policies Top 11 questions to ask your insurer

Cyber Policy

 

With increasing awareness of cyber security risk issues there is now a vast array of information available which provides organisations with advice on how best to combat cyber security breach events. See for instance the recent paper from ASIC – Cyber resilience: health check. There is little information however on cyber insurance products and whether they should form part of an organisation’s cyber risk mitigation strategy.

So with more and more organisations taking up cyber insurance as part of a broader cyber security strategy, there are some key issues to bear in mind.

In no particular order, make sure you ask your insurer the following:

  • What are the minimum security requirements expected under this policy?

    Often policies will impose minimum security requirements before offering any sort of coverage. You can expect to be qualified by the insurer who will want to confirm “adequate” security controls are in place to begin with. If they’re not up to scratch your application will likely be refused.

    Insurers and brokers are often a good source of information and best practice. Ask your broker if they can refer experts who can assist with putting in place adequate security protocols, cyber compliance programs or undertake testing to assist an organisation to get up to speed.

  • Are there any additional measures you can put in place to reduce your premium?

    It may be worth considering putting advanced security measures in place to give your insurer additional comfort and more importantly reduce your premium. Your broker or insurer can advise on some “quick wins”. Ultimately however, you will need to weigh up the reduced premium against the cost and additional time and resources involved in implementing such measures.

 

  • What ongoing audit and compliance obligations are required?

    Most policies will require some form of regular audit as well as ongoing compliance reporting for the policy to remain current. Some insurers reserve the right to audit systems and security protocols that are in place. It is important that you and your team fully understand and can plan for these activities, as failure to meet the expected requirements may mean your policy will not respond when it needs to.

 

  • How do response and management protocols affect insurance obligations?

    Ensure you have clear response and management protocols, and that they are well understood by all relevant stakeholders. In the event of a security breach incident it is important you understand how this ties in with any existing insurance obligations. Even with all your policies and procedures in place, if they are not properly followed in the event of a claim this may be the difference between the policy responding or not.

 

  • What is the minimum downtime before the cyber policy will respond?

    Beware policies which only respond after a minimum downtime period. Cyber security breach events once triggered happen extremely quickly. If you have to wait 12 or 24 hours before calling on the policy to assist – it may be too late. Whilst you may have to pay extra for a reduced period it might be worth it in the end.

 

  • How does the policy fit with our existing insurance coverage?

    Beware any overlaps, but more importantly “gaps” between policies which will leave the organisation exposed.

 

  • How will the policy and its scope evolve over time?

    Technology is evolving so fast and hackers are generally at the forefront, picking up on new vulnerabilities and opportunities to ply their trade. You need to understand how the policy evolves over time to pick up and include additional risks as they become apparent. Is this something the insurer addresses once a year or is it ongoing?

    You also need to understand if these updates will result in a change in coverage and consider any additional costs that might be associated with amending the scope as well as any new exclusions which come with such changes. Ask your insurer if there are likely to be any changes which may affect your organisation’s risk profile.

  • What is the impact of a breach on your premiums?

    Understand the impact of a breach on premiums and any additional obligations which are likely to be imposed in the event a claim is made. Are there any benefits in not making a claim – will this reduce the premium at all?

 

  • Does the insurer understand your industry and its regulators?

Ensure the insurer understands your industry and any unique regulatory requirements which may apply. If an organisation is in a regulated space, it will be having ongoing discussions with the main regulator(s) to make sure it is aware of any relevant standards or other best practice which the regulator expects to be covered off. Brokers and insurers that claim to have particular experience in an industry should be doing the same to ensure they factor in “nuances” which may affect the policy.

  • What is the timeframe in which you must report a breach in order to use your policy?

Often breach events take months or in some cases years to discover. It may well be that by the time the breach is discovered, there is a reporting period exemption that affects you or the policy has expired. Some insurers will allow organisations to pay an “optional extended reporting period premium” to provide additional time in which they can notify of a claim arising during the period of the policy. This optional period is generally no more than 12 months however, so may not pick up on these “sleeper” events.

 

  • What regions/territories are you covered in?

    Insurers will typically not provide insurance cover for any action for damages brought in a court outside the policy’s specified territories. It is therefore crucial to ensure any territory limitations which may apply to a policy are considered and additionally, how claims affecting business conducted outside of Australia, will be impacted.

Finally carefully consider the policy terms and conditions. This generally goes without saying but “the big print giveth and the small print taketh away”.

What many organisations fail to realise is that there is room to negotiate on these issues – both the big and small print. Arm yourself with the right questions and do a little homework beforehand and you will be well placed to successfully navigate the cyber insurance conversation with your broker and insurer.

Dudley-Kneller

Dudley Kneller

Partner, Madgwicks Lawyers

 

Dudley Kneller is a technology lawyer with a specialty in cyber risk and strategic sourcing and supply projects. He has more than 18 years’ experience practicing across Australia, Europe and the UK, and has worked on projects based in a range of countries, including the Philippines, India, and Russia and throughout South America.

 

Dudley is listed as one of a group of leading Technology, Media, Telecoms Lawyers for Melbourne in Doyle’s Guide for 2015.

 

Speak to one of Insure 247’s brokers on 1300 046 787

Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrant the accuracy of any information contained therein, readers should make their own inquiry’s before relying on information in the stories Terms of Service

Cyber Insurance Comparison

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs