Making insurance a critically integrated part of your cyber security
The Secured Cyber Insurance offered by our underwriting partners, provides cyber insurance policies to “high risk business” making cyber insurance a connected part of your cyber security environment with 100% Australian support behind it – (no foreign call centres)“Secured Cyber Insurance provides for specialised industries who find it difficult to get full cover cyber insurance such as software developers, app providers, finance & credit, medical practitioners, health and online retail.
86%
of consumers will no longer support businesses who lose credit/debit card information in a data breach
only15%
of businesses have cyber insurance, that means up to 85% are exposed to great risk
There has never been a more important time to use Insurance as a tool to mitigate you cyber risks!
IT SECURITY IS NOT ENOUGH ON ITS OWN. “The IT security industry cannot guarantee you 100% against cyber breach” The COSTS of breach by cyber attack can be onerous in both costs of repair, personal liabilities of Directors, penalties by government, loss of business revenues and profits, loss of customers and severe damage to your name and brand. As part of our solutions for cyber insurance risk development - we provide you with “Advanced AI-driven’ IT protection services AND the tools to – “project manage and monitor everything that is happening across your company’s cyber environment including unsafe use of all your internal devices including wireless devices like smartphones, tablets and laptops and including computers being used by staff working from home and which reports “immediately if something unsafe is happening in your company.” You can choose the right policy designed for your business – however small or big you are.
Cyber Insurance
There is no 100% defence against cyber-attack
It is clear there is no 100% defence against cyber-attack. As part of a holistic business cyber mitigation strategy, a bespoke cyber insurance policy will help to offset the high costs of providing incident response services and associated costs relating to a cyber breach event. The Secured Cyber insurance solution is specifically tailored and available to protect small businesses with essential coverage against cyber threats and data breaches. Secured Cyber provides sophisticated yet affordable coverage to minimise the impact to your business and protect its reputation. The Secured Cyber approach considers the following;
What Secured Cyber Insurance covers
Network Interruption
If you suffer a cyber event that causes a network interruption resulting in a loss of income we will insure your losses up to the value on your policy. Includes your network that is under the control of a service provider.
Data Recovery
If you have to undergo data recovery, restoration or re-collection due to a cyber event, we will pay for the recovery costs up to the value on the policy.
Cyber Deception
If you sustain a direct monetary loss from social engineering fraud, we will pay or for the value of goods or monies transferred which occur as a direct result of a cyber deception event up to the value on the policy.
Data Extortion
We will reimburse you for any cyber extortion monies that arise due to a cyber extortion threat, where we are permitted by law up to the value one your policy.
Information security and privacy liability
We will indemnify you for the damages awarded against you for an actual or suspected cyber event, we will also cover the related defence, investigation and settlement costs up to the value on the policy.
Privacy regulatory defence and penalties
We will indemnify you for the amounts which you become legally obligated to pay, including defence costs and expenses, as a direct result of a civil regulatory action arising from a breach of privacy regulations up to the value on the policy.
Data breach notification expenses
If you are required to notify customers of a breach of their personal information, we will pay for legal expenses, public relations expenses, postage expenses and related advertising expenses up to the value on the policy.
Crisis management costs
We will pay any fees reasonably and necessarily incurred by you for the engagement of a public relations consultant, advertising expenses and legal expenses, in order to avert or mitigate any material damage to your reputation up to the value on the policy.
Breach identification and containment
We will assist you in identifying and containing the security breach and scope of issue and will provide a preliminary report.
Legal connect
We will connect you with legal advisors to advise you on the legal requirement to notify customers, and corresponding with any relevant authorities.
Remediation and IT forensics expenses
We will conduct a preliminary forensics assessment to agree scope and remediate any cyber event.
PR connect
We’ll connect you to a public relations firm to help you protect your reputation in the event of a data breach.
An affordable low touch solution
Repeated cyber breaches into organisations demonstrate the need for a relook at how data is managed, and cybersecurity improved. Cyber threats continue to grow at an alarming rate and represent one of the most serious operational and financial risks facing business (Williams, Manheke 2010). The national and economic security of all nations depends on the reliable functioning of critical infrastructure in the face of such threats. Beyond critical infrastructure, the economic vitality of countries and organisations depends on the sustainable operation of organisations of all types, particularly business (Day, 2000). From the research, there are four main areas that need to be addressed to build a strong cyber defence for the organisation. They include Assessment, Endpoint protection, Education and Insurance.