CYBER RISK INSURANCE

Atlantic Insurance has been arranging Cyber Risk Insurance for its clients for many years across Australia from our head office located in Melbourne, Victoria. 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.

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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

Equipment & Systems Damage

In some cases, a cyber event may cause damage to your physical IT infrastructure. There are solutions available to cover this damage following a cyber event.

Cyber
Extortion

Atlantic can provide advice surrounding how cyber insurers will respond to a loss where you receive an attack or threat of attack against your IT infrastructure which can include a demand for money. The good news is this is often insurable.

Data Restoration & Virus Extraction

A comprehensive cyber policy can ensure that any data restoration costs along with costs to rid your system of any viruses are covered.

Public Relations
Costs

A cyber event that compromises your customers data can have a catastrophic impact on the public image of your business. Many cyber insurers provide some cover to enable you to reduce this loss by conducting public relations activities following an event.

Crisis
Management

Many cyber insurers will provide some emergency assistance to help you respond in the event that you suffer a cyber event. Speak with us today to discuss how this cover can assist.

Cyber
Theft

We can provide Cyber Insurance options that provide cover for the direct financial loss following cyber theft or telephone phreaking following a cyber event. Speak with us today for more information on this cover.

Loss of
Revenue

Atlantic Insurance can assist you to identify the potential exposure to your business in respect to lost revenue should you suffer a catastrophic cyber event that impacts your systems. A loss of revenue cover can protect against a reduction in turnover following an insurable cyber event. This can often be extended to cover a loss following a cyber event at a major supplier.

Breach of
Privacy

With recent legislation passing mandatory reporting, which will soon become law, a third party loss following a compromise of your customers personal information could run into the millions. A Cyber Liability Policy can protect you against this loss.