Cyber protection insurance is a relatively new form of cover. It’s designed to help protect your business from the financial impact of computer hacking or a data breach.
In February 2017, the Senate passed the Privacy Amendment (Notifiable Data Breaches) Bill 2016 – setting up a mandatory nationwide data breach notification scheme. This means if you spot a security breach which may cause unauthorised access or disclosure of personal information, you’re legally required to report it to the Office of the Australian Information Commissioner within 30 days. You’ll also need to notify the people whose information has been affected.
If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, it’s likely that your business will suffer a cyber attack at some stage.
A cyber attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.
Cyber Insurance varies policy to policy, however it can cover:
- Business interruption losses
- Cyber Extortion
- Electronic data replacement
- Third party losses
- Crisis Management expenses
- Notification and management expenses