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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?

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

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?

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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
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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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Machinery Breakdown

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3 months ago · by · 0 comments

Cyber Insurance Claims To Learn From

Cyber insurance has been thrown around a lot in recent media articles due to the constant cyber threats faced by Australian organisations but reports have shown that in the U.S. 60% of companies who suffer a cyber attack will go bankrupt within 6 months. This percentage is staggering, many predict that it will be a very similar situation when more data is available for the Australian market.

The 2018 Allianz risk barometer report from 1,911 risk experts across 80 countries indicates that business interruption and cyber incidents rank as the number 1 & 2 major threats to companies through 2018 and in the future.

Aside from technical solutions, awareness and a strong security culture are the most important factors when preventing cyber attacks. A majority of cyber insurance claims stem from relatively simple methods like email phishing rather than the complex attacks which are seen in films. Let’s review some cyber insurance claims and see how these organisations were impacted and the costs covered by cyber insurance.

 

Hardware Store 

 

Company background:
Australian hardware store with approximately 20 employees and annual revenue of $5 million.

Description of event:
In a standard case of phishing, an employee at a hardware store ignored internal policies and procedures and opened a seemingly innocuous file attached to an email. The next day the hardware store’s stock order and cash registers started to malfunction and business trade was impaired as a result of the network failing.

Resolution:
The hardware store incurred over $100,000 in forensic investigation and restoration services. They also had additional increased working costs of $20,000 and business income loss estimated at $50,000 from the impaired operations. Total costs associated with the event came to $170,000.

 

 

 

Professional Services Firm

Company background:
A professional services firm with 25 employees and approximately $7 million in annual revenue.

Description of event:
A rogue employee accessed the human resource platform of a professional service provider. The employee acquired and sold social security information on the black market before being apprehended by law enforcement. Thereafter, several cases of identity theft were perpetrated against the professional service provider’s employees.

Resolution:
The professional service provider engaged a forensics investigator and outside compliance counsel. It also notified employees of the breach, established a call centre, and provided monitoring and restoration services to impacted employees. Total costs associated with the event $75,000

 

Bottom Line

As can be seen by the above cyber insurance claims and previous articles here and here, Australian businesses are vulnerable to a wide variety of scams and attacks from both internal and external sources.

Cyber insurance is a cost effective way to mitigate the expenses faced by all businesses after an attack or data breach.

 

Contact Cyber Insurance Australia today for a review of your existing insurance policies and a competitive quote.

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Subscribe and follow Cyber Insurance Australia on Linkedin Facebook for regular updates and information.

 

Notifiable Data Breach Scheme & Cyber Insurance

Contractual Cyber Liability 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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