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Cyber Risk Insurance

Last month, America’s biggest bank was hit by the largest ever recorded data breach. Details of more than 76 million households and eight million businesses were stolen in the attack, which is just the latest in a series of high profiles cyber crimes

Hackers are finding efficient ways around even the most sophisticated defence measures and in such cases, cyber risk insurance may be the only protection a company can have against serious financial losses.

What is Cyber Risk insurance?

Cyber Insurance is a relatively new form of “liability” insurance that has been developed to cover businesses for costs they can incur as a result of their computer systems being “hacked” and their own client data being stolen, manipulated or destroyed.

A newly released government report in Australia has shown that there is a rapid rise in the number of data breaches among organizations in the country, which suggests that there may be a growing need for cyber insurance. According to the study, data security is a serious concern for many of the country’s largest businesses. Small businesses are beginning to feel threatened by the potential for cyber attacks as well. As such, businesses are beginning to seek out the protection of cyber risk insurance, especially those that have a strong presence in the e-commerce world. Over one fifth of companies that the government surveyed stated that they had been targeted last year (2012 calendar year). There were 255 companies that participated in the government survey, and one in every five said that within the last year, they had been a target.

Cyber Insurance is designed to protect commercial businesses of all kinds against a wide range of first party (the insured business) and third party (the customers or other affected parties) liability cyber exposures that arise when their customer information is breached or stolen. Companies with access to private, confidential information about their customers have a responsibility to keep it secure. Equally, companies who have a web presence or a dependency on technology have emerging content and transactional exposures.

If you keep client records on your computer and it is connected to the internet; if you have a website that clients can join or access and input their details, if you send client information to other businesses you could be a risk.

For more information or to speak with one of our experienced brokers, please call:

1800 AUSTBROKERS (1800 287 827) and select your nearest branch or click below to request a call back.

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