Worried about being hacked into and client records stolen?

By: CPR Insurance Services  07-Sep-2011
Keywords: Cyber Risks

We have access to a product giving all computer owners protection if their own computer security fails.

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.

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:

    Manage the risk through constant monitoring and maintenance by your IT Consultant

    Transfer the risk to insurers willing to carry that exposure

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:

    Cover for your civil liability resulting from data breaches

    Contractual fines coverage, including credit card company and PCI fines, arising from privacy breaches

    Cover for your own costs to notify individuals in the event of a privacy breach where required by law and the cost of actions taken to mitigate a larger liability claim

    System repair and restoration cover in the event of accidental damage to data, including a computer virus or hack attack

    Cover for your lost revenue arising from system downtime after a computer virus or hack attack

    Electronic fraud coverage

    Cover for your liability arising from a breach of statutory ecommerce duties

    Media liability cover for electronic content, including intellectual property rights infringement and defamation

    Give you cover you for claims made anywhere in the world as standard

    An experienced claims panel will react quickly and locally, from privacy breach notification to electronic fraud investigation

    If your brand is at risk, they will hire PR consultants to manage the impact.

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.

Keywords: Cyber Risks

Contact CPR Insurance Services


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