Cyber Liability Insurance
What insurance do you call on once your system has been hacked and your data has been stolen or a virus inserted…………..Cyber Liability Insurance.
It’s a fact of life with increased use of computers, there is a proportional increase in the criminals that want to use your computers and the information that you have to their advantage, even if your data is hosted at a 3rd party server you may still be liable for any losses occurred. Let’s face it most Australian businesses cannot afford to have a dedicated IT team to do the risk management and allocate resources to blocking these people from getting through and even the biggest companies in the world still get hacked, look at Sony and Ashley Madison not too long ago when client data was extracted from these sites. Your costs are probably not going to run into the multi-millions of dollars to correct the issues but it most probably will be into the tens or hundreds of thousands.
So what should you be looking for in Your Cyber Insurance?
- cover for consequential financial loss after a data crime incident.
- cover for recreating data, restoring and recollecting data after breach or a leak
- cover for fines following security breaches
- Cover for investigation costs
- Cover for your Public Relations costs, let’s face it any loss of client data is going to be a PR nightmare and you will want a professional looking after it.
- You may also require cover for extortion costs, we know of many companies that have been held to ransom for the return of their data
So with all these things to consider, shouldn’t you be looking at getting your Cyber Liability Insurance to protect you and your business