Cyber & Privacy Protection

Cyber & Privacy Protection has become a part of our daily lives.

We all spend a lot of time, money and energy ensuring that we are safe online, (or at least attempting to), but there are many hidden traps that business owners are unaware of.

Of course, it has been possible to Insure for any tragedies in this area, but it has always

been prohibitively expensive for all but the very large companies.

My insurance broker has just updated me on a new product that has been released. More on that shortly.

What is affected by hacking and privacy invasions?

Your website

Your website is one of the most obvious targets, because it is blatantly online.

At Hotpink Websites, we take extensive steps to minimise the risk to your website from cyber attacks, and we take regular backups to reduce the downtime if there are any issues.

To date we have not had to fall back on these measures. That is part of good preparation.

More than just your website

However, in these modern days of technology, there are so many more opportunities for cyber attacks than just on your website.

For example . . . new telephone systems are computerised and internet based.

My contact in the telephone industry tells me that several phone systems are hacked every day in Australia.

Even mobile phones are getting hacked.

Then there are company data servers and computer systems.

It does not have to be a website to get hacked. Company data, client records, research information on company servers are all every bit as valuable as your website, and just as susceptible to hacking and security fraud.

Just about every aspect of modern business is hackable and subject to possible cyber attacks.

So it pays to talk to experienced and qualified providers in each area to assess and confirm the security of your business and your business data.

Prevention is better than cure in these cases.

Cyber & Privacy Protection Insurance

Following is the information provided to me about this cover.

We do not sell this product, but are happy to refer you to our broker to discuss with you. (His details are below.)

KEY ELEMENTS OF COVER

FIRST PARTY

Breach Costs
We will pay for the costs associated with responding to a breach of personal information, by the Insured or anyone acting on behalf of the Insured (including subcontractors)

Forensic investigations (including PCI forensic report)
Notification costs (individuals and regulators)
Credit monitoring services
Call centre costs
PR costs

Cyber Business Interruption
Designed to pay for lost revenue as a result of someone deliberately targeting the insured’s systems.

Simple loss amount of $2,500 per hour

Hacker Damage
We will pay the costs to restore data, programs and networks after a hack. Hacker includes an employee of the Insured.

Cyber Extortion
We will pay for the ransom paid over threats made to the Insured’s networks or data and the costs of a security risk consultancy firm for the handling of the situation.

THIRD PARTY

Privacy Protection
Protection for third party liability in the event of a data breach, including civil penalties and compensatory awards levied by regulators)

Includes cover for breaches caused by others acting on behalf of the Insured (including subcontractors)
Includes cover for electronic and non-electronic incidents such at phishing or social engineering

Cyber Liability
Liability cover for the insured’s multimedia content online, including alterations and additions made by a hacker.

Please note this offer is only available to companies or businesses that satisfy the below criteria:

The Insured must be domiciled in Australia with annual revenue LESS than $25m.
The Insured’s business activities do NOT classify them as any of the following: financial institution or financial services, payment processor, social networking site provider, credit rating agency, data aggregator, franchisee, franchisor, petrol station operator or direct marketing company.
The Insured processes, transmits or stores LESS than 1,000,000 financial transactions or records containing an individuals personal information per year.
The Insured is NOT aware of any matter that is reasonably likely to give rise to any loss or claim under such insurance, nor have they suffered any loss or has any claim been made against them.
The Insured has had NO regulatory, governmental or administrative action brought against them nor any investigation or information request, concerning any handling of personally information.

Businesses outside of the above will require cover via alternative insurers.

This policy has come down significantly in price . . . starting at $1,500 for $250,000 Cover that is designed for SME businesses. Excesses start at $2,500.