Cyber Risks Insurance

Cyber Risk Insurance – What is it?

This is basically insurance for companies that rely on technology.  We already know that critical data is at risk from viruses, hackers, malicious employees, and accidental damage.

Check out this map that shows you the Cyber Attacks going on around the world by clicking here

We have all seen the newspaper articles and news stories. So many major companies have been hacked into recently but even more have had attempts to them. Companies such as Amazon, Sony and even the NBN here in Australia have been accessed. Google says they have more than 1,000 attempts per day.

But these companies have the financial strength and resources to prevent or resolves these matters even though not all of them can. As a small to medium business, you can either:

  • Manage the risk through constant monitoring and maintenance by your IT Consultant
  • Transfer the risk to insurers willing to carry that exposure

 Our recommendation is to do both. Prevention is always better than cure but should something still go wrong have something to back you up for any financial reprucussions. Information is a vital asset – make sure it is protected.

 Why do you need it?

What can occur if “Hackers” happen to be successful, is that confidential data can be lost or used inappropriately. Privacy can be breached. Financial Records can be accessed, Bank Accounts and Credit cards accessed. Companies have a duty of care to protect their client’s records. Data is more portable than ever before, the equivalent of ten filing cabinets can now fit on a device smaller than a mobile phone. It can be quickly transferred and stored by Hackers and inappropriately used or sold to others to use.

Then also systems can fail, businesses cease to trade. Commercial property insurance protects your physical computers, but not the data stored on them. Business interruption cover will not respond to outages caused by computer viruses or hackers. General liability policies will not cover claims for intellectual property rights infringement, defamation, or privacy violations.

 What does it cover?

We can obtain a policy for you that provides broad cover for a wide variety of risks resulting from the use of technology within business. Features include:

  • Cover for your civil liability resulting from data breaches
  • Contractual fines coverage, including credit card company and PCI fines, arising from privacy breaches
  • Cover for your own costs to notify individuals in the event of a privacy breach where required by law and the cost of actions taken to mitigate a larger liability claim
  • System repair and restoration cover in the event of accidental damage to data, including a computer virus or hack attack
  • Cover for your lost revenue arising from system downtime after a computer virus or hack attack
  • Electronic fraud coverage
  • Cover for your liability arising from a breach of statutory ecommerce duties
  • Media liability cover for electronic content, including intellectual property rights infringement and defamation
  • Give you cover you for claims made anywhere in the world as standard
  • An experienced claims panel will react quickly and locally, from privacy breach notification to electronic fraud investigation
  • If your brand is at risk, they will hire PR consultants to manage the impact.

Remember that your traditional business insurance will not provide cover for these risks.

 We can obtain a quote for you to cover these. All you need to do is simply complete the relevant proposal form and return it to us. We will then seek terms on your behalf.

 Call CPR – Experts who will save you. 

Managing Cyber Risks

Cyber Risk Whitepaper from Chartis

Cyber Risks gaining more attention

Cyber Risk Insurance expected to Boom

Cyber Liability Journal March 2012

Public Utilities Company in USA buys Cyber Risks Insurance

Latest News

CPR joins Ausure

We would like to announce to all our Clients, Prospective Clients, Suppliers and Insurers, that Cooper Professional Risks Pty Ltd trading as CPR Insurance Services, will be leaving National Adviser Services Pty Ltd (NAS) and joining Ausure Pty Ltd as a Corporate Authorised Representative from 5 March 2018.

Fundamentally, there is no difference to you, except our Invoices will look a little different, and the Banking details will be in a different name and account number. Everything else at CPR stays the same.

There are a number of reasons we have made this decision, but the primary reason is for what we believe is best for our clients.

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Special offer to CPR Insurance clients

Employsure are providing a FREE Business Health Check to all our clients and gives you the opportunity to receive an analysis of the health and safety requirements in your workplace. Also. Employsure  will review your employment agreements as well as your wage rates helping you to avoid workplace claims.

Ordinarily this would cost you at least $1,250 but because you are a CPR Insurance client, it is free!

It involves the following review for you.

SAFECHECK

A specialist Work Health and Safety Consultant will visit your workplace and carry out:

A review of your business’ current work health and safety policies, procedures and systems to identify areas of concern or non-compliance

Following the review, you will receive a report summarising the findings and the health and safety

Status of your workplace

WAGE CHECK

A Wages Adviser will review your rates of pay and produce a Wage Check report.

The review will be conducted against the industrial instrument applicable

A report will be supplied advising if the wages are compliant and what steps to take to achieve compliance

CONTRACT REVIEW

A Document Consultant will review an employment agreement and provide recommendations.

The review will highlight compliance issues with the Fair Work Act 2009 as well as best practice

The report will make recommendations to achieve compliance and provide protection to your business.

This will remove any areas of potential dispute and risk

So what do you have to lose? Contact us on 07 3123 1137 and arrange 

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