Cyber and Privacy

Is your business protected from Cybercrime?

Cyber crime is one of the leading global business risks. Personal information has tremendous value as does intellectual property and other private business information. A single data breach, like the illegal release of client or employee information, or credit card details can have a devastating business impact both financially and reputationally.

DO YOU NEED IT?

Cyber crime targets business of all sizes and currently costs Australian businesses $3.5 billion annually (up from $1 Billion in 2020), yet it remains one of the least insured policy areas. Recent research by Deloitte has found that since the global Coronavirus pandemic began, Cyber crime has increased by 25%, with Phishing emails particularly increasing by 600% in the first half of 2021. One Cyber attack can leave your business held to virtual ransom whether it be through the use of vicious malware and computer viruses to hack your network and computers, ‘denial of service’ attacks, phishing scams and internet fraud, business information and identify theft and more.

What does it cover?

There are two main Cyber Insurance policy types to consider when it comes to protecting your business from cyber crime.

1. Cyber Crime Insurance (or Cyber Crime Policy Extension): This typically provides cover for Theft of Money due to a Cyber Crime event, for example, social engineering fraud, phreaking, phishing, or other forms of cyber fraud involving loss of money.

2. Cyber Liability and Privacy Protection Insurance: This typically provides cover for:

First Party (own) costs and expenses (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurer’s policy wording.
Fines and penalties incurred as a result of a Cyber event, or breach of Privacy, as defined by the Insurer’s policy wording.
Business Interruption/Consequential Loss (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurer’s policy wording.
Third Party costs and expenses (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurer’s policy wording.
Limits available are generally up to $10,000,000.

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Frequently Asked Questions

HOW DO I MAKE A CLAIM?

If you need to file a claim with My Insurance Specialist, you can visit our claims page for more information. This page is designed to provide you with a straightforward and streamlined process for reporting a claim and getting the support you need to resolve any issues as quickly and efficiently as possible.

How can a cyber criminal attack my business?

Cybercriminals employ various techniques like malware, viruses, network hacking, denial-of-service attacks, social engineering, or online scams to carry out cybercrime. They can gain access to computers and networks that lack sufficient security infrastructure. Even with controls in place, a significant number of cyber incidents result from human error, such as opening malicious emails or clicking on links, which can grant cybercriminals access to your network.

What is a DDOS Attack?

DDoS stands for Distributed Denial of Service, and it is a type of cyber attack in which a website or online service is flooded with traffic from multiple sources to overwhelm its servers, making it unavailable to users. In a DDoS attack, the traffic comes from many different sources, making it difficult to block or filter out. The aim of a DDoS attack is to disrupt the normal functioning of a website or online service, usually as a form of protest or to extort money from the owner of the site.

How much does cyber security insurance cost?

The cost of cyber security insurance can vary depending on the level of coverage and the size and type of business. Generally, premiums are determined based on the level of risk, the industry the business operates in, and the company’s security measures.