Cyber Liability Insurance
It’s no longer if you’re going to get hacked, but rather when….
Complimentary policy reviews
No hidden fees
Cyber risk is now a major threat to businesses. Hackers are indiscriminately choosing their victims. It’s not a matter of who they are targeting but what they are targeting – and that’s… your money and your data.
Cyber Liability Insurance can help you navigate business interruptions by paying for the expenses incurred whilst your IT department deals with…
How does your cyber risk cover protect your business?
So you’ve had a data breach or are now locked out of your computer or cloud storage accounts. You’ve lost critical business information or client data. Your business is bleeding profits due to the business interruption and you’re now faced with cyber theft and extortion demands.
Cyber Liability Insurance is designed to:
Pay for an IT team to get your data back, secure your systems and get your business back on its feet.
Pay the cost of notifying your clients and monitoring suspicious activity on their credit cards.
Pay for the costs of a regulatory investigation and associated fines & penalties.
Manufacturer victim of an email hack
A Raw materials manufacturer’s system was hacked via an email they received carrying a Ransomware virus. The virus prevented them from having any access to emails and their network. The hacker held the manufacturer’s system to ransom and would only release files if the client paid $12,500 in Bitcoin.
The fact that the manufacturer had numerous file shares and common storage areas made their system particularly vulnerable to attack and made it easy for the hacker to encrypt nearly every file in their system.
The manufacturer paid the $12,500 in ransom.
The manufacturer was able to recover the $12,500 ransom paid under their cyber policy. The policy also paid an additional $25,000 in IT expenses related to diagnosing the problem, decommissioning the old servers and installing a new network.
It’s Time to Review your Cover
Does your insurance program need a fresh set of eyes? Are you getting the most out of your insurance program?
We often find that insurance buyers are made aware of deficiencies in their policies when its too late, i.e. when their claim is denied by the insurer. One size does not fit all when it comes to insurance policies.
All too often “off the shelf” insurance products don’t cater for risks specific to your business.
CMX can provide obligation free review services, such as:
- Review and audit of your existing insurance program or policies.
- Identify uninsured risks and assess the impact it may have on your business if untreated.
- Examine your claims history through cyber insurance solutions and explore the potential benefits or risks associated with adjusting your deductibles.
- Explore your risk tolerance and help you use insurance as a risk transfer tool.
- Speak to your cyber insurance Sydney specialist about how we can help with your risk