Broadwater Insurance Brokers (CAR 324517 | ABN 71 130 349 307)

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Cyber Insurance Explained

6 Jul 2015 9:39 AM - Who needs Cyber Insurance ?

Increased Government Regulation

On 12 March 2014 new Australian Privacy Principles (APPs), amendments to the Privacy Act and fines of up to $1.7 million for agencies and companies and $340,000 for individuals for serious or repeated invasions of privacy (i.e. for breaches of the APPs/Privacy Act) became effective.

Insurance Protection

Many insurers are offering protection for the various risks that will affect your business. Below is a summary of the types of coverage available.

Losses to your business:

  • Costs and revenue replacement cover

  • Cyber investigation expenses

Losses to others:

  • Sums payable in respect to Breaches of Privacy Laws, regulatory fines, penalties, and defence costs.

Cyber event response costs:

  • Costs incurred through event response and management services

  • Credit and identity monitoring

  • Customer notification costs

  • Data restoration and securing costs

  • Cyber extortion costs

  • Virus extraction

Contingent business interruption:

  • Costs and revenue replacement for your business if external supplier suffers a Cyber Event.

To discuss coverage for your business, contact the team today!

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