The frequency, sophistication and severity of data breaches is set to explode, according to a new study from Price Waterhouse Coopers which finds that Cyber Crime increased 23% last year over the previous year.
Yet, less than one-third of companies have coverage that would protect them from the potential financial fallout. Increased sophistication of attacks: “The attacks aren’t going to be one size fits all. Hackers will increasingly customise those attacks, and target places that hold sensitive data.”
The misconception that only larger corporates are at risk is no longer true. Companies of all sizes are facing attacks on a daily basis and many that have critical dependency on digital networks, may not be fully aware of how a cyber-attack could be fatal to their business.
Cyber Insurance can go a long way towards providing peace of mind and assistance when things go wrong.
The cover offered by A Cyber Insurance Policy includes the following:
- Third Party Claims – covers liability to third parties from a failure to keep data secure, such as claims for compensation by third parties, investigations, defence costs and fines and penalties from breaching the Privacy Act.
- First Party Costs – reimbursement for the costs incurred to respond to a breach, such as IT Forensic Costs, Credit Monitoring Costs, Public Relations Expenses and Cyber Extortion Costs (including ransom payments to hackers).
- Business Interruption – this section provides reimbursement for loss of profits resulting from the breach, as well as any additional necessary expenses incurred to continue business as usual.
To Get a Quote Simply click the logo below, complete the questionnaire and email it to Oracle Group Insurance Brokers at the provided email address.
This article was prepared by Ron Morcom of Oracle Group Insurance Brokers & Published by Kellie Parsons of Fortix.
