Cyber Risk – Is your data safe?

Cyber-Risk-Is-your-data-safe

Technology has transformed the way business is conducted from providing services online to customers, to storing data in the ‘cloud’ while accessing information from tablets and smart phones. Whilst this brings benefits to both large and small business, it also brings risk!

The increase and severity of cyber attacks around the world has heightened awareness of a new spectrum of risks and exposures that companies now face in their daily operations.

The potential for these losses to cause financial and reputational damage has never been more apparent, with high-profile cases occurring with regular frequency across Australia.

It is critical that Managers and Directors are aware of the threats they face and the mitigation exercises they can impose to reduce the risk of a potentially crippling cyber attack.

As businesses and individuals navigate the shifting online risk landscape, they face a range of evolving challenges including privacy, security and intellectual property liability. For organisations that collect, store and use information there is yet another level of scrutiny.

When these organisations deal with personally identifiable information, private health records or commercial trade secrets, you can bet your bottom dollar that there are cyber criminals out there in the world that will see this information as a valuable target.

Some high profile examples of this occurring in Australia include:

Adobe – details from approximately 2.9 million Adobe customers were stolen including names, credit and debit card numbers, expiration dates and information relating to customer orders.

ABC– personal details of 50,000 Internet users had been exposed after a subsidiary program website was hacked.

Other notable targets included Telstra, Medvet and Roses Only.

So what is cyber insurance?

It is a tailor made insurance offering providing comprehensive cover for liability and expenses a business may incur as result of an unauthorised use of, or access to physical and electronic data or software within an organisation’s computer network or business. Cyber insurance policies can also provide coverage for liability, costs and expenses arising from network outages, the spreading of a virus or malicious code, computer theft or extortion.

Cyber insurance also provides cover for business interruption and the cost of notifying clients and regulatory investigations or actions in case of a breach, without the requirement for physical damage this is a standard trigger under property policies.

When looking at policy options it is important that you consider coverage that addresses all the issues that are relevant to the nature of your business. Policies will vary depending on the type of industry, type of data held, number of data records and the risk management policies and procedures implemented to ensure the security and integrity of that data.

Scary stuff isn’t it? So ask yourself the question again….

Cyber Risk  Is your data safe- safe keyboard

IS YOUR DATA SAFE?

For peace of mind for not only your company but also your valued clients, speak to us.