Contact us

1300 GOCYBER (1300 462 923)

Call or email us today!

Contact details:

Message:

Your message has been sent successfully. Close this notice.

Cyber Insurance Quote Form

Limit of Liability

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?

Yes No

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

Yes NO

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

Yes No

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?

Yes No

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

Yes, we use third party providers. No, all managed in house

Do you store sensitive information on web servers?

Yes No

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

Yes No

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?

Yes No
Your quote request has been sent successfully, one of our brokers will contact you today! Close this notice.

Business Insurance Quote

Contact details:

Sections

Property & Contents

Yes, please quote No, thank you

Public & Products Liability

Yes, please quote No, thank you

Cyber Liability

Yes, please quote No, thank you

Theft & Money

Yes, please quote No, thank you

Computers & electronic equipment

Yes, please quote No, thank you

Business Interruption

Yes, please quote No, thank you

Machinery Breakdown

Yes, please quote No, thank you
Your quote request has been sent successfully, one of our brokers will contact you today! Close this notice.
2 years ago · by · 0 comments

Cyber Insurance Claim Details for AU businesses

When lodging a cyber insurance claim saved the day

This month we are taking a look at how a few medium to large Australian businesses responded and recovered from various cyber events and how their cyber insurance was able to assist. In the past 12 months the majority of all cyber attacks against Australian businesses were targeted at small to medium size businesses. Many owners have heard the buzzwords and have seen the major international incidents on the news but haven’t seen a relatable cyber insurance claim from Australian businesses.

Healthcare Provider

  • 100 Employees
  • Unknown turnover

Incident

A healthcare provider misplaced multiple storage devices which contained sensitive information for over 1 million patients. The provider was unable to determine if the devices were lost, stolen or destroyed. Their lawyers advised the company to notify the affected individuals and assisted the company to address a regulatory investigation into the incident. This investigation saw the company fined for failing to adequately protect the information.

Outcome

The company was fined $75,000 which was covered. Legal costs were covered and totalled just over $1 million including costs in defending claims brought by affected individuals, costs associated with regulator enquiries, and for miscellaneous notification related work.

Total costs to the business  were $5,000,000.

 

Logistics / Freight Forwarding & Warehousing

  • $30 million turnover

malicious email

Incident

An Australian logistics, freight forwarding and warehousing organisation was the victim of multiple business interruptions causing their network to be down for a total of 21 days. Could your business survive for 21 days without your network and information?

A disgruntled ex subcontractor turned out to be the culprit and cause of the network outage. The ex subcontractor had vast knowledge of the companies network and when the contractor was released from employment sought malicious revenge. The network was hacked multiple times causing unforeseen business disruption for 21 days.

A forensic IT provider was appointed to identify their main cause and complete restoration of the entire network.

Outcome

$280,000 which was made up of $110,000 in defence costs and $170,000  for  forensic IT expenses and lost income.

 

Third-Party Administrator

  • 500 Employees
  • $65 million turnover

Incident

A covert organisation hacked an administrator’s network just before a major holiday weekend to steal personally identifiable information. Over 25,000 names and numbers for customer credit cards and personal details for 250 staff members were compromised. Malicious software was also found on an administrators laptop which caused the entire firm to cease business for 72 hours.

The insured client’s customers were unable to access the network for business purposes and sustained malware related impacts to their own systems. The Administrator was sued for impaired network access and conduit related injuries.

Outcome

The administrator incurred costs above $250,000 for forensic investigations, notification and monitoring measures, system restoration and legal advice. The business also calculated more than $2,000,000 in lost business income and extra expense associated with the system outage.

An additional $300,000 in defence costs were incurred and more than $5,000,000 in damages where paid to customers who were unable to access the administrator’s network.

The total cost to the business came to more than $7.55 million.

Cyber Insurance Australia Logo

Cyber Insurance Could Save Your Business

B2B manufacturer

  • 50 Employees
  • $10 million turnover

cyber security, lock

Incident

A materials manufacturer leased a copying machine for a 24 month contract through a third-party intermediary. During the lease agreement the manufacturer made copies of proprietary client information and its own employee data.

After the lease had expired the manufacturer returned the copier via the third-party intermediary. During transit back to the leasing company a rogue employee of the third-party intermediary accessed the machine’s data. The proprietary information was stolen and then sold by the employee.

Outcome

 

The manufacturer was hit with $75,000 for forensic investigation, notification, identity monitoring , restoration services and independent counsel fees. The company also incurred around $100,000 in legal defence costs and $275,000 in indemnity associated with the theft and sale of proprietary client information.

Total costs to the business were over $450,000

Retailer

  • 35 Employees
  • $20 million turnover

Incident

A major retailer took a new marketing strategy and decided to email promotions to their current clients. The insured company intended to attach a promotional flyer but instead attached a spreadsheet which contained a list of customer names, addresses and credit card information.

The lawyers for the retailer advised them to notify all affected customers and offered credit monitoring support after the fallout. Several of the affected customers brought civil proceedings against the retailer.

Outcome

The retailer lodged their cyber insurance claim which covered the credit monitoring and customer notification costs which totalled $150,000 with legal fees and settlements adding another $250,000.

Total cost to the business was approximately $400,000

Cyber Insurance Australia Logo

 

 

Cyber Insurance Could Save Your Business.

Conclusion

From most reports it is only a matter of time rather than a matter of being secure or not. We will continue to publish more cyber insurance claim examples each month.

Thanks to Chubb and LUAW for their claims examples.

Comments

Not found any comments yet.

Leave a reply

Your email address will not be published, and your website url is not required.

Take care of your business

Insurance for
your business future

Call us today for specialist business insurance packages.

Company information

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

Financial Services Guide (FSG), Privacy Policy & Complaints & Dispute Handling, Insurance Brokers Code of Practice (FSG)

Contact details

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

Join our monthly newsletter for:

Enter your email and stay up to date,

Subscribe to our monthly newsletter!