News

What cost to me after a Cyber attack?

News >>

It does very much depend on the type of attack that has been made on your systems or Web site. However, below are examples of some of the areas you will spend money. How much? How long is a piece of string?

Have you budgeted for the following Expenses in managing your Cyber Risk?

·       Payment of a ransom? (Maybe a cheaper solution to get your system back temporarily)

·       data recovery and data rebuilding (IT consultants and data recovery contractors),

·       Loss of reputation on the business (You will need Crisis Managers, Public Relation consultants, Staff communications, clients and other stakeholders, marketing and advertising),

·       Various Accountants and consultants’ fees needed to measure and prove the loss

·       Managing the recovery – particularly to mitigate breach of privacy or confidentiality of client information and informing all of them who are affected by a breach how you are dealing with it (mandatory breach reporting requirements)

·       Lost Sales due to this Business Interruption (particularly when ability to generate online sales has been affected),

·       additional costs incurred to maintain business operations or mitigate sales losses – hiring a more specialist firm to deal more quickly with being off air

Cover these expenses with a Cyber Risk Insurance policy. Ask us how?

Last changed: May 03 2017 at 10:23 AM

Comments

  1. None Found

Add Comment

Latest News

Illegal or unsuitable cladding now a big issue

Why we have laws, regulations and Australian standards? Because some people just do the wrong thing all for the sake of making money. The cladding issue is the subject of 4 Corners program on the ABC.

We are already seeing Insurance policies now placing exclusion endorsements into their policies excluding and claims relating to illegal cladding. We are seeing Governments demanding Audits of all existing buildings above a certain height. There are accusations of Builders taking other short cuts such as on Wiring, Pipes and sprinkler systems. 

The question is, who is to blame? Who will take responsibility?

read more

Small business in NSW

Right after the NSW Government have reimposed Fire Service Levies, they have at least made an effort for small business. The government has announced it will abolish stamp duty on a number of policies taken out by a small business. This is an important change.

What is a small business? In order to gain the exemptions, the business must be a small business for Capital Gains Tax Purposes for the income year in which the insurance is effected or renewed. A small business for CGT purposes is: “an individual, partnership, company or trust that is carrying on a business, and has an aggregated turnover of less than $2 million.”

read more