Reduce the impact of a Cyber attack on your business with Cyber insurance. because all Heroes have their “Kryptonite.”
One of the advantages of building a strong Cyber security forcefield is to ensure your business is resilient by reducing the impact of a Cyber-attack to your business.
As a Businesses, it is second nature to install fire extinguishers, alarms and have fire-retardant doors and floors as risk mitigation measures, but you still buy property insurance.
When it comes to protecting your home, you install deadlocks, security screens, window locks, alarms, CCTV and yet your house can still be burgled.
All those things help mitigate the risk but don’t stop it happening. It’s the same with cyber – you can have back-ups, anti-virus software and IT staff, but things can still go wrong.
If your building burns down, property insurance will cover the rebuild and get the business back to its pre-loss status.
Cyber insurance works the same way. If your IT system is hacked or you suffer a major data breach, a comprehensive cyber policy will cover IT forensics and restoration costs, lost revenue, and assist in repairing reputation damage caused by the cyber event.
Coverage provided by cyber-insurance policies may include:
This covers the costs incurred to restore, re-collect or replace affected data, and loss of revenue due to network downtime because of a security breach or adverse media event.
Hackers can threaten to release confidential information or damage your computer networks in an attempt to extort money. This covers ransom paid to avoid the threat from becoming real.
Dedicated hotline to specialist IT, legal and public relations advisors in the event of an actual or suspected data loss or network intrusion.
You may sustain a direct monetary loss from a social engineering fraud, this covers the value of the goods or monies transferred which occurs as a result of a deceptive action of a third party.
This covers your liability in the event you suffer a data breach and you are sued by the affected party including customers or employees. This also includes regulatory penalties and defence expenses that you become legally obligated to pay arising from a breach of various global data protections laws.
If a data breach occurs, this will cover costs incurred to maintain your reputation and provide support, such as a public relations firm to help repair damage to your brands; legal costs for notifying your affected customers, postage and advertising costs, and bringing in IT forensic teams to ascertain the cause of the data breach and potentially remove the hacker from your system.
To minimise the impact to your business, having access to a pre-agreed panel of specialist experts can dramatically reduce the impact of a crisis. When making a claim the breach response team is available to work around the clock.
24/7 Incident Response
The first respondent is an IT Security specialist tasked with managing the incident, diagnosing and fixing the issue to get your business back on track. IT forensic experts get in touch as soon as practical to provide triage and remediation around the clock.
This is followed up with a pre-agreed panel of experts – IT forensics, legal and public relations – to manage the crisis, all local and coordinated together.
You’ll get the very best help when you need it most.
CYBER Insurance in Action
An employee received an email to say that she had been caught speeding and clicked the button which offered to show a photograph of her being caught in the act. Shortly afterwards our client received an email from someone in Russia to say that they had infected their systems with the Cryptolocker virus and that all files on its servers were encrypted. The encrypted files included customer records and software used to run the business. The Russians were asking for $5,000 in Bitcoins for the decryption key. Insurers approved the client’s payment of the ransom.
Unfortunately this only recovered 90% of the files and they needed an IT contractor to help them recover the remainder.
Their insurance policy covered this business interruption as well as the costs of being unable to trade for a couple of days and not being fully up-to-speed for a couple of weeks.
Total payment $35,000.
A business experienced a 48-hour systems failure at the start of a busy trading period due to a network attack, the business could not access their client files and quickly its operations were disrupted. The insurers incident response team added expertise, assisted the business in returning to normal and retaining a forensic accountants firm, and verified the lost sales calculation for the busy period. The insured was also reimbursed for approximately $50,000 of lost income incurred after the waiting period applicable to the network interruption caused by a malicious attack.
Total payment $75,000.
A company using Office 365 Business email discovered that an email forwarding rule had been turned on by a hacker who had gained access to the network. The result was that all emails received by the inbox were also forwarded to the hackers inbox. The company was alerted to the breach by a client who received a fake email from the company asking to pay money into the hackers bank account. Damage to the companies reputation meant that they lost the client. Insurers paid for the loss of income caused by the reputational damage as well as reimbursed the investigation costs and increased costs of working.
Totalling $120,000
A data centre which hosted an online retail company’s website became the target of a distributed denial of service (DDoS) attack.
The incident, which utilised hacked IoT (Internet of Things) devices, flooded the data centre’s network with so much traffic that their network failed. This made the online retail company’s website inaccessible for a period of six hours before backup systems were able to restore 100% functionality.
After telephoning the Incident Response Hotline, an Incident Response Manager was assigned to the incident.
Recovery Costs:
Business Interruption:
Incident Response Expenses:
Total Cost: $226,500
As the use of IoT devices increase, Distributed Denial of Service (DDoS) attacks are becoming more common and more powerful.
To minimise the impact of an incident like this, it is important to build a business continuity plan that ensures critical business applications, systems, and activities do not rely on only one single IT provider.
Incident response managers and trusted Cyber vendors are experienced in dealing with DDoS attacks and can assist in getting SME businesses back on track as soon as possible.
An employee at a hardware store ignored internal policies and opened a seemingly innocuous file attached to an email. The next day the hardware store’s stock order and cash registers started to malfunction and business trade was impaired as a result of the network failing.
Recovery Costs:
Business Interruption:
Incident Response Expenses:
Total Cost: $178,000
This case study underlines the importance of training staff to be vigilant of cyber threats. The best ways to establish positive and secure habits within your company’s workforce is with regular training and education.
You should also restrict access to sensitive information by only allowing management or those who require that information for company operations, to have access.
Simply fill in your details below, get a quote and purchase your cyber policy within minutes.
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CyberHero has partnered with 
underwriting to offer Cybercare, cyber insurance that is specifically tailored and available to protect small business with essential coverage against cyber threats and date breaches. Cybercare provides sophisticated yet affordable coverage to minimise the impact to your business and protect its reputation.
FAQs
All Australian businesses with annual turnover under A$20,000,000 and a registered ABN/ACN are eligible for cover under this policy providing the business activities are not excluded.
Excluded business activities: real-time trading platforms,multiple ticketing platforms, crypto assets, games development, adult entertainment,online dating services,gambling,social media, software as a service( SaaS), payment processor, nuclear or similar power utilities, information technology hosting services.
Every business that has a website or electronic records is vulnerable to cybercrime or an accidental data breach. A cyber incident can be very costly to your business.
Depending on the type of cyber breach, your business may be up for the cost of ransoms or IT solutions to unlock and repair your system. You could also be liable for the costs of breach, legal claims, and remediating any losses suffered by your customers or clients.
Cyber breaches don’t just cost your business money, it could also threaten your intellectual property, put your customers’ personal information at risk and cause major damage to the reputation of your company.
Cyber insurance can help cover financial losses to your business, your customers and other parties following a cyber security breach.
This might include costs associated with:
The cyberattacks dominating the headlines are mostly insurable, such as:
You need to lodge an incident report ASAP?
The first step is to lodge an incident report as soon as you can, using one of the following options:
Our team is available 24/7/365.
Step 1. Talk with our IT security expert
Step 2. Work with our team to identify and contain the breach
Step 3. Understand the legal and public relations impacts.
Step 4. Discuss report and Recommendations
Yes we do. Cyber Hero can offer partnership opportunities with any organisation or association who wishes to offer Cyber insurance directly to their members. Contact us to find out more at: info@cyberhero.net.au
The information provided in relation to financial products is factual information and not general or personal advice. You should consider obtaining independent advice before making any financial decisions.
The information provided in relation to financial products is factual information and not general or personal advice. You should consider obtaining independent advice before making any financial decisions. Cyber Hero receives a commission from Agile Underwriting Services Pty Ltd of up to 15% of premium less taxes and charges.
