Cyber Liability & Privacy Protection Insurance has been designed to address the exposures Insureds face from relying on the internet, email, websites, or computer programs, data and from storing private information about their clients.
What can Cyber Liability Insurance cover?
Third party claims from a failure to keep data secure, including claims for compensation, investigations, payment of fines and penalties. The policy will also pay defence costs and legal representation expenses.
Business Interruption – Reimbursement for lost profits, as well as necessary expenses incurred to maintain operation of the business as a result of the interruption.
Remediation Costs – reimbursement of the Insured’s own costs including credit monitoring, cyber extortion, data restoration, forensic, notification and public relations costs, and legal representation expenses.
More than 20% of Australian businesses experienced cyber crime in 2012 (CERT Australia), and 40% of all attacks were directed at SME’s (Symantec).
New Privacy legislation came into effect in March 2014, with penalties of $340,000 for individuals & $1.7 million for companies, for breaching the legislation.
Ask us for a quote
We think SME’s are the most at risk, so we have an automatic Offer for insureds with revenue less than $50M, which provides an instant quotation without the need to complete a proposal form.
Who: Travel agency with 4 locations, $10M turnover & 30 staff
What happened: The insured experienced three separate data breaches over a three year period in which hackers gained access to the company’s computer system. Over 250,000 individuals credit card information and passport details were compromised.
Outcome: $1.75M paid for the forensic and legal costs in defending the investigation brought by the regulator costs of notifying affected individuald including providing credit monitoring service.