Cyber Insurance Information

Australian businesses left vulnerable to cyber attack

Here’s a question for you: Is your business MORE at risk of incurring losses from your premises burning down OR from a Cyber/Data Security Breach?

You might be surprised to learn Cyber Attack poses the greatest threat.

Size doesn’t matter, and any company can be hit. Cyber criminals don’t care who they steal private information from; retailers, manufacturers, professional service providers, media & entertainment companies, as well as financial institutions are all likely to be targeted.

The perpetrator could be someone close to your business (a business partner or trusted employee), or they could live halfway around the world, as hackers can operate from anywhere.

51% of Australian companies are lacking the agility, budget and skills to mitigate known vulnerabilities and successfully address the Cyber Security, according to a study conducted by Ernst & Young. The survey outlines that 80% of companies believe they face an increased cyber threat. For the first time in 17 years, the survey reveals that the biggest threat is posed by external forces such as ‘hacktivists’ and criminal syndicates.

The solution that NCFS can offer is Cyber Insurance. It is a flexible package policy that provides a range of cover that is designed to easily integrate with your existing insurance program. Cover includes ‘First Party Cover’- these are costs that you would incur that would normally come straight out of your pocket (crisis management/e-business interruption/public relations costs etc). There is also ‘Third Party Cyber Liability’- covers losses to third party as a result of failures in your system.

Below are some tips to help you reduce the risk of Cyber Attack/Data Breaches:

– What is your exposure? What sort of information do you have that others may want?
– What are your potential legal liabilities?
– Make Cyber Security a company-wide issue and make sure you have procedures in place to reduce any potential liability.
– Cyber Thieves are constantly changing and adapting- make sure you do as well. Regularly review and update your company risk management policies.

For more information about Cyber Insurance, please call us on 0266 20 2000 to discuss and obtain an obligation free quote.