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Cyber Liability Insurance Queensland
Not very often does a day go by without a report of some form of data breach/hacking. It could be a competitor looking at gaining an advantage by stealing, “hacking or buying” sensitive data or a disgruntled ex-employee seeking retribution or some “smart nerd” able to pit their wits against the security of the organization - whether for profit or not.
To learn more to obtain a quote, visit here: https://www.hunterbroking.com.au/cyber-risk-insurance-quote/
Who needs Cyber Liability Insurance?
If running your business requires you to rely on the internet, emails, a website or computer software, then your data is one of the most important aspects of your business. Most insurance doesn't cover this aspect.
If your business is also responsible for personally identifiable information, or turns over more than $3,000,000, Cyber Liability Insurance may be something you require most amongst other risks.
What does Cyber Liability Insurance cover?
These specialist insurance packages address the fundamental issues that businesses confront today when it comes to data protection and the use of digital media and communications. These are some of them:
- Privacy Protection – Third party claims from a failure to keep data secure
- Breach Costs – Reimbursement of your own costs when a data breach occurs
- Business Interruption – Compensation for lost or reduced revenue
- Cyber Liability – Third party claims as a result of content in email, on the intranet, extranet or website
- Hacker Damage – Reimbursement for costs to repair, replace or restore systems and data as a result of a hack
- Cyber Extortion – Payment of ransom demands, and specialist consultant fees, where a hacker holds, or threatens your network, programs or data.
Cyber Liability Insurance Advice
In general, basic steps to initiate such strategies may involve:
- Identifying all possible cyber and related risks, evaluate, qualify, rank and priorities such risks
- Assess mitigation strategies and other controls already in place
- Identify all other possible risk mitigation strategies and risk improvement measures
- Develop an up to date and practical risk management plan/strategy including a post incident response plan
- Communicate, provide necessary training and educate employees
- Review cover and adequacy of the existing insurance protection; and
- Repeat the process at regular intervals and monitor progress;
Why should you protect your business from Cyber Liabilities in Queensland
Consider how costly a business interruption may be, then double that by the magnitude of trying to recover your company’s reputation, recuperate lost income, replace damaged equipment, or even finance public relations or legal expenditures.
Many organisations consider cyber insurance to be an “extra cost” or an “unlikely occurrence,” but the truth is that a cyber attack may happen to anyone. Human error was responsible for 38% of all data breaches according to the latest Australian Information Commissioner report.
In February 2018, the Mandatory Breach Notification Legislation was enacted. This enforced businesses who bear certain exposures to holding a higher level of responsibility to the privacy of their client’s data. For businesses that fit the criteria of this legislation, there is now an increased risk for notification expenses and penalties imposed.
Cyber Liability Insurance Brokers
Our Brisbane Insurance Brokers can help you get the right 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.
Our head office in the western suburbs of Brisbane allows us to serve Brisbane’s locals through personable, 1-on-1 consultations. Hunter Broking Group aims to spread our quality service across south east Queensland, so if you’re on the Sunshine Coast or the Gold Coast, don’t hesitate to contact us for your insurance needs.