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Company Details

Do you process, transmit or store more than 10,000 financial transactions per year?

Yes No, less than 10,000

Do you use and keep up to date firewalls and anti-virus protection for all systems?

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Do you use third parties to complete audits of your system and security on a regular basis?

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Are all portable devices password protected? (mobile phones, laptops, tablets, etc)

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Do you have encryption requirements for all data including portable media?

Yes No

Do you have back-up and recovery procedures for business critical systems, data and info assets?

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Do you outsource any part of your network, including storage?

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Do you store sensitive information on web servers?

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Do you know of any loss payments, fines or penalties being made on your behalf?

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Are you aware of any matter which might give rise to a claim or loss under such insurance?

Yes No

Have you suffered any loss or claim but not limited to a regulatory, governmental or administrative action brought against you, or any investigation or information request concerning any handling of personal info?

Yes No

The applicant or any subsidiaries have any knowledge of any loss payments, fines or penalties being made on behalf of any applicant or any person proposed for coverage any cyber policy or similar insurance?

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Property & Contents

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Public & Products Liability

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Cyber Liability

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Theft & Money

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Computers & electronic equipment

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Business Interruption

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2 years ago · by · 0 comments

Who Needs Cyber Insurance?

IT-work-employee-staff

In short – Everyone!

For the past few years the media has been reporting large scale attacks such as Yahoo, AirBnB, LinkedIn, Myspace and a long list of others. In reality between 40% to 60% of all cyber attacks on Australian businesses are targeted at small to medium sized companies. Reports suggest this is due to a few important factors but a lack of security procedures and lower levels of employee risk awareness seem to be the major ones.

PwC found 65 per cent of Australian organisations experienced cybercrime in the last 24 months with more than one in 10 reporting losses of more than $1 million (compared to the global average of 32 per cent).

When you consider that 84% of Australian small and medium businesses are online and 1 in 2 are receiving payments online, Australia is a very attractive target for the would-be cyber criminal.

Cyber Security Web of connectivity

From Australian Cyber Security Strategy

 

Check out this short video from the National Insurance Brokers Association (NIBA) which succinctly summarizes who needs cyber insurance and why.

 

 

 

The 5 industries with the highest recorded amount of cyber-attacks 2015 – 2016:

1. Healthcare

2. Manufacturing

3. Financial Services

4. Government

5. Transportation

 

According to the 2016 IBM  X-Force Cyber Security Intelligence Index — which reports more than 100 million healthcare records were breached last year. The IBM report is based on data they have collected from thousands of network devices they monitor in over 100 countries.

Between July 2015 and June 2016, CERT Australia –  the main point of contact for cyber security issues affecting Australian businesses – responded to 14,804 cyber security incidents, 418 of which involved systems of national interest and critical infrastructure.

PwC Australia national cyber leader Steve Ingram, who previously headed fraud and security management for the Commonwealth Bank, says cyber attacks happen all the time. “It’s prolific,” he says

 

Here is another great cyber insurance summary from the KnowRiskNetwork.

Conclusion

In the past, business leaders adamantly avoided talking about cyber security processes or breaches for fear of reputational damage and legal fallout. We are slowly seeing more businesses who are not reluctant to talk about their cyber security hurdles and recognize the overall business risk not simply an IT risk.

Cyber Insurance Australia Logo

 

Help protect your business with cyber insurance.

 

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Naga Risk Solutions Pty Ltd T/as Cyber Insurance Australia ABN 59 378 032 992. CAR 1250594

Authorised Representative for National Advisor Services Pty Ltd t/as Community Broker Network (CBN) ABN 60 096 916 184 | AFSL 233750

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E-mail address:
contact@cyberinsuranceaustralia.com.au

1300 GOCYBER

1300 462 923

Available 8:30am - 5:00pm

PO Box 1677, Milton LPO
Milton
Brisbane, QLD 4064

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