Data Security
Expenses related to cyber extortion or terrorism such as theft of hardware, destruction of data stored on any computer system or theft of access codes from premises, computer system or by employees.
The world today is governed by data and online connectivity. The internet enables so much for businesses and the lives of consumers, yet it also creates a huge cyber security exposure to the data-rich systems we rely on to operate.
Cyber Liability Insurance can help protect your business from the raft of serious liability and reputational exposures that can occur as a result of a cyber-attack.
Regardless of how good your company IT systems are, there is no 100% guaranteed way to protect your data. A data breach will not only affect your business, it can negatively impact your clients and customers.
Stolen credit card numbers, financial reports, medical records, birth dates and the loss of sensitive personal data can leave you liable and exposed, causing enormous damage to your bottom line and reputation. Recent changes to the Privacy Act now place even greater onus on Australian businesses to secure the sensitive data they hold, with hefty fines and penalties in place for privacy act breaches.
Traditional insurance policies do not cover losses to your business as a result of a cyber attack. This makes Cyber Insurance essential for all businesses.
Key benefits:
There are a wide range of suitable covers available for both small-medium enterprises and large organisations.
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Please Note: Below are some of the more common insurance policy features, however, the list is not exhaustive and some features may not be offered by certain insurers. Please refer to the insurer-specific policy wording for inclusions, exclusions, terms and conditions.
Expenses related to cyber extortion or terrorism such as theft of hardware, destruction of data stored on any computer system or theft of access codes from premises, computer system or by employees.
Costs associated with a privacy breach including consumer notification and costs of providing credit monitoring services to affected customers.
Reimbursement of costs incurred in relation to reputational damage, libel, slander, defamation and invasion of privacy.
Cover for net income that would have been earned and continuing normal operating expenses incurred including payroll as a result of security failure.
Costs incurred due to fines or penalties imposed by government or regulatory authorities for a breach of data protection laws.
Costs for legal advice and representation in connection with formal investigations by authorities.
With the events of the last years still heavily impacting the way in which we live and how businesses operate, the top global risks for businesses in 2022 will come as no surprise.
Cyber risk continues to be a leading risk for Australian businesses in a post-pandemic world. As Australians continue to work remotely, relying heavily on digital platforms to interact and conduct business transactions - cybercriminals are taking advantage. Understand how you can mitigate the risk of cybercrime and minimise the damage inflicted by a cyber-attack.