Why is this cover important?
Prevention is an investment, and in conjunction with implementing a comprehensive and appropriate Cyber Event Response plan, a Cyber Liability policy should be part of a practical approach to internal and external cyber threats.
Due to the increased use of technology on a daily basis, any business, regardless of size will be a target and could put your business assets and business income at risk.
Legislative changes require a mandatory Data Breach notification, and a Cyber Policy as part of your Cyber Management plan can provide cover for the costs associated with the breach and notification process that will be enforced with this legislation.
Our Policies Can Cover
Policies can provide cover for first party (the insured) and third party (your client) losses.
Covers the financial costs of loss of data, and can cover the costs associated with the restoration, recollection or recreating data after a breach.
Social Engineering, Phishing and Cyber Fraud
Cover available for the Insured’s direct financial loss from these activities.
Cyber Response Teams
Engagement of dedicated breach response teams after an event (Lawyers, IT Investigators, Forensic Accountants, Public Relations).
Privacy and crisis management
Provides cover for costs related to the management of an incident, to repair reputations, the investigation and the remediation. It also includes legal costs, court attendance and fines that might be incurred.
Business Interruption which covers the loss of profit due to an interruption to the business following a cyber breach.
Extortion liability which provides cover for losses caused by extortion (or threat of) including ransom payments and the professional fees incurred in dealing with the extortion.
Cyber insurance also provides: Third-party damages caused by denial of access, costs related to data on third-party suppliers and costs related to the theft of data on third-party systems. It can also include specific defacement of website and intellectual property rights infringement.
Our Citycover Insurance Advisers understand the risks and exposures that could impact your business. We work with you to develop an Insurance program that is best suited to your needs.
If your business stores commercially sensitive information (including staff files), client information or is an online banking account holder, “you are a target”. The Cyber Environment has changed with the frequency, scale, sophistication and severity of cyber incidents. The risk of compromises is assessed as “High” for Australian organisations.
From The Australian Cyber Security Threat Report 2017
Frequently Asked Questions for Cyber Liability Insurance.
What is covered by a Cyber Liability policy?
The policy can provide cover to the insured for their own loss or costs associated with a data breach, along with costs associated with defence and legal representation where a third party claims from a failure to secure data including compensation and investigations.
Why do I need a Cyber Liability policy?
With the impending legislation for Mandatory Data Breach notification, governments require businesses to implement a Cyber Event response plan. A part of this plan should include a Cyber Liability policy which will assist with the costs associated with a breach. These can accumulate quickly, along with having the knowledge of specialist providers to engage after a breach has occurred. Insurers have agreements with specialist providers including Accountants, IT Forensic consultants and investigators, Solicitors, Credit Reporting agencies and Public Relations Firms to respond in line with the insurer’s requirements in the event of a breach.
My data is stored in the “cloud”. Isn’t the provider I use responsible for the security of my data?
Just because you are in the “cloud”, doesn’t mean you won’t be a target of an event. If you have stored your client’s information and your cloud service provider suffers a breach where your client’s data becomes compromised, you may incur costs associated with defending your business against your client’s loss after a breach. These costs can increase quickly and dramatically. Additionally, you must consider how you will continue operations if your service provider is compromised.
What small steps can I take to protect my business from a Cyber-attack?
Make sure you regularly update your passwords, along with making them unique with a mix of alpha, numerical and symbols to ensure you and only you know your passwords. And don’t use the same password twice!
Need to Claim?
The knowledge and experience of Citycover’s amazing team is widely recognised. We are extremely passionate insurance professionals, who love what we do.
Senior Insurance Adviser
Claims Services Manager
Senior Claims Adviser