If you are yet to be convinced about the relevance try Googling cyber-attack under “news”.
What’s a cyber-attack?
Hackers take control and lock your computer or mobile device. They then seek a ransom or threaten you with extortion.
As a hack, this was both begrudgingly brilliant and frightening scary (to say nothing of the humiliation of those implicated).Credit card details are worth around $20 on the black market so a stolen database with 1,000 plus members is worth good money. For illegal organisations Cyber crime has become more popular than selling drugs!With free Wi-fi increasingly available, more of us using these public networks with our smartphones and can potentially put their clients database at risk.
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How can we help?
Insurance policies are available right now to protect you.
Typically, they contain 3 x elements to a policy:
- 3rd Party claims from a failure to keep data secure, including claims for compensation, investigations, payment of fines and penalties. Defence costs and legal representation expenses are also covered.
- Business Interruption – reimbursement for lost profits, as well as necessary expenses incurred to maintain operation of the business as a result of the interruption.
- Remediation Costs – reimbursement of your own costs including credit monitoring, cyber extortion, data restoration, forensic, notification and public relations costs, and legal representation.
– Good risk management and preventative measuresIncident
– Virus infection spread through network
– IT service provider initially unsuccessful in eradicating virus
– Finally eradicated by wiping and reinstalling all computersExposure and Insurance Coverage
– Services costs, costs for restoring data, business interruption, loss of revenueTotal Loss
– $30,000+ data restoration and forensic fees
– $20,000 estimated network loss
Interested in Cyber insurance?