No business or industry is immune – if you have an internet connection, you are at risk of a cyber attack.
What is cyber insurance?
Cyber criminals are becoming more sophisticated and they continue to find new ways to access business data, records, servers and networks. Having the right cyber security and risk management practices is the best way to avoid a cyber attack or data breach but, if something does go wrong, cyber insurance can help you pick up the pieces.
Think of cyber insurance like any other insurance cover you have. If there is a fire at your property, your insurance cover will help you rebuild, and cyber insurance is designed to help you get back on your feet in the aftermath of a cyber incident. Cyber insurance gives you access to a panel of experts, from legal and PR advice to IT specialists to help you control, contain and coordinate your response to a cyber incident and can cover you for a range of threats and outcomes.
What does cyber insurance cover?
Impacts from a variety of cyber attacks
Government fines and penalties
Forced closure/down time for your business
Incident response and investigation costs
Loss, recovery and decontamination of data
2021 Gallagher Australia Cyber Insights Report
This report was born out of a desire to understand our clients’ approach to cyber security. Where did levels of confidence sit for Australian businesses when reflecting on their response to the increasing cyber threats experienced throughout 2020 and into 2021?
We recieved more than 600 responses - from large Australian corporations through to local small businesses.
We outline our findings, your risks and concerns, and the steps your business can take on the journey to minimising your vulnerability to cyber attack.
From data protection regulation to new methods of cyber attacks—cyber risk can seem overwhelming.
It doesn’t have to be. Together, in Gallagher’s Cyber Insight Series, we’ll cover emerging cyber threats, what those threats demand of your cyber security and risk management approach and how insurance can help minimise your risk.
In our last webinar for 2021, Top Underwriting Concerns for Cyber Insurance Renewals, Robyn Adcock, Gallagher Cyber Practice lead, Michael Herron, National Head of Financial and Professional Risks, Peter Woollacot, CEO and founder of Huntsman security and Reece Corbett-Wilkins, Partner at Clyde&Co came together to discuss how insurers are responding to the increasing risk of cybercrime and the associated rise in cyber claims, and what to do about it.