CYBER LIABILITY INSURANCE
We understand the impact a cyber-attack can have on a business.
In 2018, we experienced a ransomware attack that took our network down for two weeks. Don’t worry though, we recovered stronger and invested heavily in our own cyber security.
Working through this experience has delivered a practical understanding of, and first-hand experience in, responding to a cyber event. This includes engaging and working with your insurer and specialist consultants involved in network security and data recovery, as well as the liability implications of a data breach and calculating the business interruption impact to your business.
A Few Startling Facts – *Sourced from the Australian Cyber Security Centre
67,500 cybercrimes were reported in 2021
The average reported loss for a medium sized business was $33,442
Business Email Compromise was one of the top cybercrime categories. Total reported losses in 2021 were $81.45 million
There was a 15% increase in reported ransomware attacks in 2021. According to ACSC, ransomware has grown in profile and impact, and poses one of the most significant threats to Australian organisations. Learn more.
CAN YOU RUN YOUR BUSINESS WITHOUT ACCESS TO YOUR SYSTEMS OR DATA?
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HOW CAN CYBER INSURANCE PROTECT YOU?
Cyber insurance will protect you from the financial loss and expenses incurred from a cyber event.
Common cyber-attacks include:
Malware
What is it? Unauthorised software designed to cause harm. Malware is a blanket term for malicious software including viruses, spyware, trojans and worms
Why? Disrupt. Damage. Deceive.
Malware provides criminals with a way to access important information such as bank or credit card numbers and passwords>.
It can also take control of or spy on a user’s computer. What criminals choose to do with this access and data includes:
- Fraud
- Identity theft
- Disrupting business
- Stealing sensitive data or intellectual property
- Siphoning computer resources for wider criminal activity
Ransomware
What is it? A type of malware that locks down your computer or files until a ransom is paid
Ransomware works by locking up or encrypting your files so that you can no longer use or access them. Sometimes it can even stop your devices from working..
Ransomware can infect your devices in the same way as other malware. For example:
- Visiting unsafe or suspicious websites
- Opening links, emails or files from unknown sources
- Having poor security on your network or devices (including servers)
Scam Emails (Phishing)
What is it? Fraudulent emails, messages, or calls designed to trick you out of money and data
Criminals will often use email, social media, phone calls, or text messages to try and scam Australian businesses..
These criminals might pretend to be an individual or organisation you think you know, or think you should trust.
Their messages and calls attempt to trick businesses into performing specific actions, such as:
- Paying fraudulent invoices or changing payment details for legitimate invoices
- Revealing bank account details, passwords, and credit card numbers (sometimes known as ‘phishing’ scams, cybercriminals can mimic official branding and logos from banks and websites to seem legitimate)
- Giving remote access to your computer or server Opening an attachment, which may contain malware
WHAT COSTS CAN BE COVERED UNDER A CYBER INSURANCE POLICY?
Data recovery and system restoration - the costs to hire cyber experts to identify and remove malware, clean out networks and recover data.
Incident response and investigation costs - includes crisis management expenses and notification and monitoring expenses.
Business Interruption - cover the financial loss your business may suffer if you’re unable to operate following a cyber-attack
Cyber Extortion - costs involved with hiring cyber experts and if required, paying ransoms.
Third Party Liability Claims - resulting from a failure to keep data secure. This can include costs involved with compensation, investigations, payment of fines and penalties. Also includes cover for defense costs and legal representation expenses.
Need Help!
No matter what stage you’re at, If you need to discuss your insurance with a professional broker nearby, give us a call today and we’ll be happy to answer any questions.
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