According to The Australian Cyber Security Centre (ACSC) 2016 Threat Report, between July 2015 and June 2016, Australia’s national Computer Emergency Response Team (CERT Australia) responded to 14,804 Cyber Security incidents affecting Australian Businesses.
- Of these incidents, 418 affected systems of a national interest and critical infrastructure. This resulted in ReportCyber (previously ACORN)reporting over one billion dollars of self-reported losses for these businesses.
- The Symantec 2016 Norton Report found that globally, 689 million people experienced some form of
- Since 2015, Cybercrime victims have spent $126 Billion dollars and on average 19.7 hours dealing with the fall out.
These staggering statistics indicate how important it is for businesses to act sooner rather than later in ensuring their business has cyber security measures in place.
Without having the correct security systems and risk management strategies in place, you may be leaving your business and its sensitive data exposed to cyber threats. In the unfortunate event your system is hacked, having the correct cyber liability cover will assist you and your business to respond to the incident and get back up on your feet again.
However, it is important to ensure you do not ‘void’ your insurance by failure to show due care. Without such a cover, the damage bill to both your reputation and finances can be devastating. Make sure that you consistently apply the following security practices and regularly reassess exposure to privacy & security threat:
Identify risks to systems, people, assets and capabilities. (Policy, Processes & Procedures)
Protect by implementing safeguards (Cyber Security)
Detect activities to identify the occurrence of a network or cyber security event (Cyber Security)
Respond to an event (Policy, Process & Procedures, Secure Back Up of Data)
Recover by developing plans and capability for resilience or restoration
It is important to make sure you do not ‘Void’ your insurance by erroneous misrepresentation
or failure to show due care
- Make sure that you follow minimum required practices core security and is in place
up front if you state them on the application form
- Consistently applying security practices as stated on the application form
- Regularly reassess exposure to privacy & security threats
- You don’t lose the cost of the policy (eg $2K) you lose the Value of the policy ($2M) if you need it.
If you require assistance with your cyber security setup please give us a call on 1300 796 246 or fill out the form below.