CPR also stands for Cyber & Privacy Risk!!
We do have a habit of checking out what happens overseas, however for any new and developing risks, particularly in the technology area, we can be guided by what happens in Europe or the USA.
This certainly applies to the areas of Cyber Risks, and the ultimate protection of your client’s private details. You can be liable if you cannot show you have done everything possible to safeguard your clients details. And these days that is not easy to prove.
No longer can we hide behind simple Anti-virus software and firewalls. People are finding their way around these barriers and blocks. The software is much like a Flu injection, it can only inoculate you against known issues before they get to you.
This is why we think we are immune in Australia. They are going after the multi-nationals overseas? Not in every case. You are exposed.
As the managers of your business’s risks, you should monitor:
Exposure to cyber security lawsuits will likely increase for companies that experience a cyber breach. Just look at a recent U.S. Court of Appeals for the Ninth Circuit decision. The decision, Krottner v. Starbucks Corp., gives plaintiffs whose personal information was stolen but not yet misused more latitude to seek damages.
The continued development of cloud computing comes with a number of risks for companies to manage, including data security, patents and copyrights, and performance.
Game-changing innovations continue to lead to mergers and acquisitions among Businesses, leading to broad changes in their risk exposures.
Rates for privacy and cyber insurance increased in the fourth quarter of 2011.
If you would like to discuss this issue further, please contact us.
CPR Insurance – Experts who will save you.