Cyber attack risk management

Threats of data loss, security breaches, and other online intrusions are a real and growing threat to Australian businesses.

Today virtually all companies handle sensitive data and information

Today virtually all companies handle data and corporate information on a daily basis. Examples of this include identity card numbers and employee profiles, credit card information, sensitive client information, information on budgets, share prospectus and marketing plans. Any company that deals in these areas face potential liabilities if this data falls into the wrong hands after a cyber attack.

Entrust your business to experts in the cyber risk management field. We can assist in isolating your potential exposures in the event of a cyber attack and help you develop an effective risk management plan offering protection to you and your organisation.

Protect your business against cyber threat

Cover can include protection against the following risks

  • Data loss and liability: corporate data, personal data, outsourcing and network security.
  • Business/Network Interruption : Covering the loss of net profit as a result of a material interruption to the insured’s network, after a denial of service attack or network security breach.
  • Cyber/Privacy Extortion : Covering ransom payments (extortion loss) to third parties incurred in terminating a security threat.

Expert assessment & proposal

Please speak to one of our consultants to have us prepare an expert assessment and proposal to meet your business’s specific Cyber Risk needs.

Legislation Update
February 2018

On 23rd February 2018 the Privacy Amendment (Notifiable Data Breaches) Act 2017 came into effect.

This legislation has the potential expose your business to large compliance expenses in the event of your private client records being exposed after a cyber attack.

In addition to costs involved in restoring and securing you systems after a cyber attack or data breach, you may be required to formally notify all of your affected clients.

A Clyde & Co study found that the average cost of managing and rectifying a data breach being $140 per compromised record.

Having the right Cyber protection insurance policy in place can shield you from these costs.