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 organisation - whether for profit or not.
If you rely on the internet, email, websites or computer software to operate your business then your current insurance does not cover you for one of the most important aspects of your business: your data. 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 amoungst other risks.
These specific insurance products cover the key elements that businesses now face using and protecting their data and utilising digital media and communications. These include:
- 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.
In general, basic steps to initiate such strategies may involve:
- Identifying all possible cyber and related risks, evaluate, qualify, rank and prioritise 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;
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.
Contact us today to get a Cyber Liability Insurance Quote.
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