Cyber insurance

The WannaCry ransom attack demonstrated clearly that cyber insurance is now a ‘must have’ policy for both large and small Australian businesses.

Along with the convenience of the digital age comes a significant risk to your business. Cybercrime is now one of the biggest risks faced by all Australian businesses, regardless of size. Increasingly sophisticated cyber criminals are able to exploit the vulnerabilities of your systems or networks to gain unauthorised access to data; to download malware; or to attack a computer or website causing it overload and stop operating (known as DoS or Denial of Service).

For your business this can mean the loss of data and systems, which could cost thousands of dollars to rebuild. On top of that there may be a loss of income associated with your servers or online systems being unavailable. The damage to your business's reputation may also take a significant hit. As our reliance on technology increases, the incidence and cost associated with cyber breaches will also continue to grow. 

Cyber Insurance: managing your risks in a digital age

Unfortunately, many cyber risks fall outside traditional insurance policies. This has led to a rapid increase in the number of specially crafted cyber insurance policies on the market. At Arthur J. Gallagher, we work closely with our clients to identify risks and mitigation strategies to ensure you have a thorough understanding of your cyber security exposures. We will then arrange comprehensive cyber insurance solutions designed to address business interruption, data security and privacy protection risks. 

Download our infographic summarising the key risks you face and how insurance can help you.

The Notifiable Data Breach (NDB) scheme and how it affects your business. 

The new Notifiable Data Breach scheme commences on the 22 February 2018. It will apply to all businesses, government agencies and other organisations that are covered by the Australian Privacy Act 1988 (Privacy Act). 

Under the new scheme, specific data breaches must be communicated to all those affected by the breach and also reported to the Office of the Australian Information Commissioner (OAIC). 

Data Breach response plan

How your business can prepare for the NDB scheme 

The OAIC will be releasing information about the NDB scheme as it is developed. However, the are things you can do now to prepare your business for this legislative change. First, and even if you believe your organisation is not covered by the Privacy Act, we strongly recommend that you review all of your practices, procedures and systems for securing personal information. 

Second, every business should either develop or update their data breach response plan to ensure that they are able to respond to suspected data breaches. You can download our FREE guide to developing a data breach response plan here. 

 

Find out more about Cyber Insurance

This is still a relatively new area of insurance requiring highly specialised competencies and a focused, personalised approach. Speak with one of our specialist insurance brokers to find out more. 

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