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:
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:
Stealing sensitive data or intellectual property
Siphoning computer resources for wider criminal activity
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
Visit the Australian Cyber Security Centre for more information.
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.