legal clique
“Typically a smaller
business is more vulnerable
and less prepared for a loss
of data”
WHY DO I NEED TO ASK
MY BROKER ABOUT CYBER
INSURANCE?
Ask your Broker for a variety of
options: The cheaper covers in
the market are generally limited
to Cyber-Hacks, or limited
to attacks on your website.
Therefore the policy excludes the
most common risk - accidental
physical loss of data. The policy
should pay for losses to your
clients and reimbursement of
some costs you incur. Middle of
the range cover will incorporate
a wider range of data loss
(including accidental physical
loss of data). You will be able
to choose the level of cover
and other risks such asphone
phreaking or phishing attacks.
IT IS IMPORTANT TO
CHECK IF THE POLICY
INCLUDES COVER FOR
INVESTIGATION COSTS:
• Fines & Penalties
• Claim Defence Costs
• Loss of your own ability to earn
an income
• What Jurisdiction the policy
operates in
TOP QUALITY COVER
WILL PROVIDE ALL OF THE
ABOVE WITH ADDITIONAL
BENEFITS:
• Access to a Cyber response
team that you can contact 24/7
• A response team who will do
the investigation and ransom
negotiation for you
• Assistance with notifying your
clients. Take into the cost of a
‘team’ who can respond to phone
calls and customer concerns
that may be ongoing for some
months.
• Assistance in determining if it
is a data breach & notifying the
OAIC
• Flexibility with higher limits
and less restrictions
• Ability to include cover for
Cyber Terrorism
AUTHOR
Jody Williams
ORACLE GROUP INSURANCE BROKERS
CONTACT
0406 617 674
WEBSITE
oraclegroup.com.au
There are a variety of experts
who are available to assist
businesses both in the
Preventative stage and Response
stage. As you would protect your
business against fire or theft it is
ever-more important to protect
your business from Cyber loss.
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