CYBER RISK INSURANCE
ATLANTIC CYBER INSURANCE ADVANTAGES
- Claims handlers that understand Cyber Events and how to respond
- Third Party and First Party losses both insurable
- Loss of Revenue and increased operating costs covered
- Cover for civil and regulatory fines and penalties
- Access to Cyber extortion cost cover
- Many Cyber claim events can be managed by your own IT supplier with insurer support
- Data restoration and data securing costs cover
- Virus extraction costs cover
Click Classes below For More Information
Equipment & Systems Damage
Cyber
Extortion
Data Restoration & Virus Extraction
Public Relations
Costs
Crisis
Management
Cyber
Theft
Loss of
Revenue
Breach of
Privacy
Atlantic Insurance has been arranging Cyber Insurance for its clients for many years. We have developed a unique understanding of the scope of cover and protection provided under these policies and the potential impact a cyber event can have on an organisation. While it is often the larger big business breaches we tend to hear about, it is estimated that one third of the worlds cyber-attacks are targeted at businesses with less than 250 employees.
Determining the financial loss to your business, the subsequent loss incurred by others, the loss of data or intellectual property, the financial impact and reputation of a cyber breach all warrant careful consideration in determining whether a Cyber Insurance Policy is suitable for your business.
If your business suffered denial of access, a ransom demand, a virus which corrupts and renders your systems inoperable or frozen, what impact would this have on the revenue of your business or increased operating costs? Atlantic Insurance can provide advice and options around how Cyber Insurance can protect you against these losses.
It is not just those businesses with an online presence that are at risk. All Businesses utilise online functionalities, it is simply a question of to what extent. As an example, traditional insurance policies are not equipped to respond to incidents where a criminal hacks your system to change BSB and Bank Account Details prior to completing the next week’s payroll, whereas Cyber Policies do.
We have seen Cyber attacks against clients ranging from retailers and restaurants right through to aged care providers, builders and international distributors. It is alleged that 80 percent of individuals would not deal with a company again once their data had been breached.
Most businesses lack the IT, legal and PR Skills required to navigate the effects of a cyber attack and this is where being aligned to the right insurer who provides access to these resources can make the all the difference.
The reporting of cyber breaches has now been legislated in Australia and it will soon become mandatory to report an event in which customer information may have been made public. Failure to do so could result in fines and penalties, and these together with any associated legal expenses are also covered under a Cyber Liability Insurance Policy.
Contact us today to discuss Cyber Insurance with a team that understands your risks.