1 in 4 New Zealanders has suffered a Cyber-attack

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.

The hackers really want your data base!
Then they can extort not only you – but all your clients! Remember the Ashley Maddison adult site attack early this year? The hackers not only wanted ransom from the business, but also from the millions of individual users.
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.

 

Want to see “real time” cyber-attacks happening now?

(This is pretty cool!) Click on the following link http://map.norsecorp.com/

How can we help?

Insurance policies are available right now to protect you.

Typically, they contain 3 x elements to a policy:

  1. 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.
  2. Business Interruption – reimbursement for lost profits, as well as necessary expenses incurred to maintain operation of the business as a result of the interruption.
  3. Remediation Costs – reimbursement of your own costs including credit monitoring, cyber extortion, data restoration, forensic, notification and public relations costs, and legal representation.
What is the cost of cyber insurance?
Like any Insurance policy the actual cost is linked to the size of your risk exposure and the level of cover provided. For example, a small business with $250,000 of Cyber cover will add around $700 to the annual invoice.

 

What can I do?
https://www.connectsmart.govt.nz/ is a government initiative setup to assist everyone in what they can do to make themselves safer online.

 

Example of a common office-based claim paid under Cyber Insurance policy in NZ
Background
– Professional services firm with real-time anti-virus software
– 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
$50,000+
– $30,000+ data restoration and forensic fees
– $20,000 estimated network loss

 

Who has had a Cyber Attack/Data Breach in NZ?

 
Interested in Cyber insurance?