Cyber breaches cost Australian businesses more than $600 million dollars a year*.
The growing instance of cyber crime against Australian organisations – small, medium and large – has become a major concern for the business community, with the Australian Government focused on tackling the issue as a top priority.
Media coverage of cyber attacks seems to be everywhere: many of us have heard of a business whose confidential information or customer database has been hacked or held to ransom.
What are the risks?
“…cyber espionage, data theft and targeted attacks will become standard problems for most private enterprises.” Russian cryptology and information security expert and founder of one of the world’s largest computer security firms, the Kasperky Lab, Russian billionaire Eugene Kaspersky.
The impact of a cyber attack on a business can be harmful: exposure of customer details, reputation damage, forensic examination, crisis and PR management, fines and penalties, litigation and other liabilities.
Hackers use a number of different methods to penetrate businesses’ systems. Some of them include:
- Privacy breaches: Exposure of personal identifiable information by a hacker, disgruntled employee or lost laptop,
- Network downtime: Malicious ‘denial of service’ hacks or system failures from an attack to disrupt operations,
- Multimedia: Posting unlicensed content on social media to defame or infringe on IP, and
- Cyber extortion: An attack, or threat of attack, combined with demands to cause financial and operational damage.
Tightening legislative requirements around customer data protection
At the same time, businesses face tightening data privacy legislation requirements as well as the possible introduction of new laws requiring them to notify customers if their data is breached.
Make sure your business is protected
Cyber insurance is becoming an essential part of insurance portfolios as businesses move to protect themselves against the risk of cyber attack. Notably, the risk is spreading beyond large organisations: the rise in small and medium organisations storing data and using online services has rapidly increased the risk – and instances – of cyber criminals targeting this group.
Cyber insurance for the digital age
Cyber insurance through Nadic is a smart choice for Australian businesses. It helps to cover businesses against the risk of cyber attacks by assisting them with the expensive response and recovery costs following a breach, so they can continue to operate confidently in the online world.
Nadic has negotiate market-leading cover with Australian insurers, underwritten by Lloyds of London, to provide clients with the greatest protection. Cyber insurance can include:
- Privacy protection and privacy liability for damages and claims expenses,
- Privacy regulatory defence, penalties and fines,
- Expenses to notify customers,
- Forensic costs,
- PR expenses for reputation management,
- Credit monitoring for victims,
- Multimedia liability from email or website content,
- Loss of digital assets including non-physical business interruption costs to restore data,
- Indemnification for loss of revenue,
- Costs to investigate and pay extortion demands, and
- Cyber terrorism coverage (case by case).
Our clients also benefit with our expert insurance advice and the support of a dedicated broker, as well as access to the full suite of brokerage services including income protection, life insurance, travel insurance and business insurance.
If you are considering PCI compliance we can advise on how cyber insurance can help you meet the requirements standards.
A smart insurance partner for your business
Nadic is a leading insurance broking firm dedicated to providing easy-to-understand and streamlined premium options for businesses. We set ourselves apart by understanding that each client is unique; we listen to you to understand what’s important and to apply our industry knowledge to provide you with a best-fit solution. But above all, we keep it simple.
We get results for our clients by personally brokering each insurance contract with several leading Australians insurers. This means a working relationship with Nadic provides you with the kind of confidence required to grow, to innovate, to take on the big jobs, and to know that we have your back. Let’s start a conversation.
Start a conversation with us…
* 2009 Australian Institute of Criminology survey of small, medium and large business.