Cyber & FinTech
Cyber Insurance essentially covers an entity for data leaks and losses, whether they be from computer hacking, virus infection or inadvertent transmission, employee error, and more.
Cyber Insurance should be considered by any company that electronically stores and transmits critical data and private information such as employee profiles, credit information, client lists and demographic information, budgets and marketing plans.
Privacy legislation introduced in March 2014 means that penalties of $340,000 for individuals and $1.7 million for companies can apply for breaches of the new legislation, not to mention the other costs in legal fees, compensation, public relations, data restoration.
More than half of Australian organisations have experienced some form of crime in the last 12 months, with cyber-attacks becoming an increasing occurrence in today’s digital world. A cyber-attack on a company may result in its Directors being held personally liable under the Corporations Act for failing to discharge their duty to act with due care and diligence.
Cyber insurance can cover you for business interruption, and the costs incurred by a security breach such as IT forensics, credit monitoring, and cyber extortion costs – even including ransom payments to hackers. Cyber insurance can also cover your liability to third parties after failure to keep data secure, including claims against you for compensation, investigation costs, defence costs and fines and penalties.