A Snapshot of Services We Assist
- Hardware Installation/Maintenance
- Supply & Sale Of Hardware
- Telecommunication And
Network Services - App Development
- Games Development
- Software Development
- Software Installation
- Software Integration
- Payment Processing Systems
- Software Sales
- Website Design
- Application Service Provision
- Data Processing
- General IT Consultancy
- Cloud Services
- Website Hosting
- Data Hosting
- IT Project Management
- Education And Training
- Internet Service Provision
- Provision Of IT Contractors
- Consultancy Services
Key Information Technology Exposures and Risks
Professional Indemnity
Due to the nature of the work performed by the insured, various potential claims may arise which may fall under public liability, product liability or professional indemnity policies depending on the cause and circumstances of the losses/ incidents. Such claims may include and but not limited to:
- Computer systems failures resulting in loss of data, business interruptions and so, which may result from faulty workmanship, design etc;
- Incorrect recommendations regarding the selection of systems, software, hardware;
- Breach of confidentiality, invasion of privacy and identity theft. Inadequate security could lead to personal identifying information being released and suffering unauthorised use;
- Intellectual Property Risks (copyright, trademark infringement, defamation, encryption, discovery, publishing and advertising risks;
- Inadequate system testing, quality control, errors in judgement in design, failing to identify and resolve issues;
- Transmission of virus, worm, spy-ware, trojan or similar destructive or damaging application which is inadvertently spread to customer systems or hardware; (f) destruction of or loss of integrity of data;
- Financial loss arising from e-commerce transactions
- Failing to adequately evaluate an organisation’s computing environment for effective operational procedures, systems software/hardware, systems development and security procedures;
- Not meeting time, cost and performance warranties in contracts;
- Failure to continue or complete development of system/software in accordance with the contract specifications;
- Loss of customers data due to insured’s failure to carry out a backup of the information on the system and
- Software developed by the insured not complying with agreed functionality etc.
As mentioned above some of these areas of liability are somewhat gray in terms of liability policy response and clarification should be sought from liability underwriters whether these aspects are to be covered under the general liability policy, product liability or professional indemnity/errors and omissions cover. Many IT risks outlined above are in the nature of professional indemnity exposures and generally it is preferable to write public, products and professional liability exposures either as a package or at least with one underwriter to minimise the potential for gaps in cover. It is important to note that most broadform liability policies cannot accommodate many IT business risks which are excluded under the Treatment, Design and Professional risks exclusion. However, some insurers do offer tailored product for this occupation.
Cyber Liability
- Heavy dependency on digital technology/integrated IT systems;
- Security/privacy breach – presence of large volumes of sensitive personal and cooperate data;
- Data breach – laptops/data sticks being left on various places, emails sent in error, sensitive documents not being properly shredded, back-up hard drives being lost;
- External hacking attacks, internal negligence, deliberate acts, system glitches etc.;
- Electronic data/software loss and replacement cost following a cyber-attack;
- Electronic media liability – including invasion of privacy, libel or slander, infringement of copyright, title, slogan, trademark or service names including domain names, false advertising etc.;
- Business interruption/increased in cost of working following a cyber-attack;
- Businesses held to ransom before systems are released;
- Cyber-threat from interconnected supply chain business partners/outsourced services providers;
- Internal control and other issues – e.g. non-segregation of sensitive data, inadequate user access control/password protection, outdated POS software applications, absence of up to date antivirus software/firewalls, unencrypted data/information/lack of end-to-end encryption;
- Possible presence of older devices/computer systems with outdated operating systems and unsupported software;
- Inadequate training for employees on data security/privacy/cyber risk. No or inadequate background checks conducted on employees/various service providers/suppliers etc.;
- Compliance and control issues – possible lapses on policies, procedures and protocols on cyber security and related matters (if applicable);
- Cyber threat relating to – Bring your own devices (BYOD), download and install personal, or unauthorised software, use of USB or other media devices etc;
- Extra expenses following a cyber incident including forensic investigation costs, crisis management expenses, notification and monitoring expenses, remediation/other extra expenses;
- Brand and reputational damage following a cyber-attack/data breach;
- Security lapses in company web-sites – cyber threat to own hardware and software; cyber threat to visitors of the website;
- Lack of security measures including a combination of technology (e.g. IT security) and physical security at the premises;
Why Hunter Broking Group?
Information Technology Insurance Broker Brisbane:
Hunter Broking Group can assist with Information Technology Insurance & Cyber Liability Insurance. Through industry specific insurers, your designated advisor has access to a comprehensive range of insurance products that can be tailored to suit most I.T services and projects. We can arrange insurance for various segments in the I.T industry including:
- Building And Maintaining Computer Systems
- Building Computer Systems
- Computer Consulting Service
- Computer Consulting Service – Internet Development
- Computer Engineering And Consulting Service
- Computer Facilities Management Service
- Computer Hardware And Software Networking
- Computer Hardware Consulting Service
- Computer Hardware Networking
- Computer Installation – Software
- Computer Network Systems Design And Integration Service
- Computer Programming Service
- Computer Software Consulting Service
- Computer Software Networking
- Computer Systems Analysis Service
- Design Of Customised Interactive Software
- Development And Sale Of Customised Computer Software
- Home Page Development
- Installation Of Computer Software Not Developed By The Business
- Internet And Web Design Consulting Service
- Internet Consulting Service
- Internet Development Service
- Internet Implementation Advisory Services
- Internet Web Site Design Services
- Internet Website Design Services
- IT Consulting Service
- IT Consulting Service – Internet Development
- IT Consulting Service – Software Development
- IT Help Desk Providing Technical Assistance
- Maintaining Computer Software Systems
- Software And Hardware System Integration
- Software Development Service (Except Publishing) – Customised
- Software Installation Service
- Software Simulation And Testing Service
- Systems Analysis Service
- Web Design Services
- Web Development Services
- Web Site Development
- Website Development
Hunter Broking Group pride themselves on having a local presence with a national strength, our technical product experience allows us to manage and service information technology insurance products such as:
- Professional Indemnity Insurance
- Public Liability Insurance
- Office Equipment Insurance
- Employers Liability (non government states)
- Electronic Breakdown Insurance
- Management Liability Insurance
- Cyber Liability Insurance
- Personal Accident / Illness Insurance
- Tax Audit Insurance
- Increased Cost of Working Insurance
- Business Interruption Insurance
Office equipment insurance is a core focus for our advisors, whether we are looking after small computer stations or corporate office equipment, Hunter Broking Group have the experience to provide the appropriate advice for your size and risk exposures.
Our experienced brokers can help you get the most appropriate insurance cover by assessing your specific needs and recommending the best value insurance solution for your business, whilst still maintaining the highest standard of cover.
