Cyber Risks

Cyber Risks Insurance

Cyber Risk Insurance – What is it?

This is basically insurance for companies that rely on technology.  We already know that critical data is at risk from viruses, hackers, malicious employees, and accidental damage.

Check out this map that shows you the Cyber Attacks going on around the world by clicking here

We have all seen the newspaper articles and news stories. So many major companies have been hacked into recently but even more have had attempts to them. Companies such as Amazon, Sony and even the NBN here in Australia have been accessed. Google says they have more than 1,000 attempts per day.

But these companies have the financial strength and resources to prevent or resolves these matters even though not all of them can. As a small to medium business, you can either:

Our recommendation is to do both. Prevention is always better than cure but should something still go wrong have something to back you up for any financial reprucussions. Information is a vital asset – make sure it is protected.

 Why do you need it?

What can occur if “Hackers” happen to be successful, is that confidential data can be lost or used inappropriately. Privacy can be breached. Financial Records can be accessed, Bank Accounts and Credit cards accessed. Companies have a duty of care to protect their client’s records. Data is more portable than ever before, the equivalent of ten filing cabinets can now fit on a device smaller than a mobile phone. It can be quickly transferred and stored by Hackers and inappropriately used or sold to others to use.

Then also systems can fail, businesses cease to trade. Commercial property insurance protects your physical computers, but not the data stored on them. Business interruption cover will not respond to outages caused by computer viruses or hackers. General liability policies will not cover claims for intellectual property rights infringement, defamation, or privacy violations.

 What does it cover?

We can obtain a policy for you that provides broad cover for a wide variety of risks resulting from the use of technology within business. Features include:

Remember that your traditional business insurance will not provide cover for these risks.

We can obtain a quote for you to cover these. All you need to do is simply complete the relevant proposal form and return it to us. We will then seek terms on your behalf.

Call CPR – Experts who will save you. 

Managing Cyber Risks

Cyber Risk Whitepaper from Chartis

Cyber Risks gaining more attention

Cyber Risk Insurance expected to Boom

Cyber Liability Journal March 2012

Public Utilities Company in USA buys Cyber Risks Insurance