Resilience

Reduce the impact of a Cyber attack on your business with Cyber insurance. because all Heroes have their “Kryptonite.”

One of the advantages of building a strong Cyber security forcefield is to ensure your business is resilient by reducing the impact of a Cyber-attack to your business.

Why do you need it?

As a Businesses, it is second nature to install fire extinguishers, alarms and have fire-retardant doors and floors as risk mitigation measures, but you still buy property insurance.

When it comes to protecting your home, you install deadlocks, security screens, window locks, alarms, CCTV and yet your house can still be burgled.

All those things help mitigate the risk but don’t stop it happening. It’s the same with cyber – you can have back-ups, anti-virus software and IT staff, but things can still go wrong.

If your building burns down, property insurance will cover the rebuild and get the business back to its pre-loss status.

Cyber insurance works the same way. If your IT system is hacked or you suffer a major data breach, a comprehensive cyber policy will cover IT forensics and restoration costs, lost revenue, and assist in repairing reputation damage caused by the cyber event.

What's Covered?

Coverage provided by cyber-insurance policies may include:

This covers the costs incurred to restore, re-collect or replace affected data, and loss of revenue due to network downtime because of a security breach or adverse media event.

Hackers can threaten to release confidential information or damage your computer networks in an attempt to extort money. This covers ransom paid to avoid the threat from becoming real.

Dedicated hotline to specialist IT, legal and public relations advisors in the event of an actual or suspected data loss or network intrusion.

You may sustain a direct monetary loss from a social engineering fraud, this covers the value of the goods or monies transferred which occurs as a result of a deceptive action of a third party.

This covers your liability in the event you suffer a data breach and you are sued by the affected party including customers or employees. This also includes regulatory penalties and defence expenses that you become legally obligated to pay arising from a breach of various global data protections laws.

If a data breach occurs, this will cover costs incurred to maintain your reputation and provide support, such as a public relations firm to help repair damage to your brands; legal costs for notifying your affected customers, postage and advertising costs, and bringing in IT forensic teams to ascertain the cause of the data breach and potentially remove the hacker from your system.

To minimise the impact to your business, having access to a pre-agreed panel of specialist experts can dramatically reduce the impact of a crisis. When making a claim the breach response team is available to work around the clock.

What happens in the event of a claim?

24/7 Incident Response

The first respondent is an IT Security specialist tasked with managing the incident, diagnosing and fixing the issue to get your business back on track. IT forensic experts get in touch as soon as practical to provide triage and remediation around the clock.

This is followed up with a pre-agreed panel of experts – IT forensics, legal and public relations – to manage the crisis, all local and coordinated together.

You’ll get the very best help when you need it most.

Common misconceptions about
not buying Cyber insurance

1.

You don’t hold Valuable data
Valuable data isn’t limited to intellectual property. It can be as simple as your employees’, suppliers’, and even your own personal details such as full name, date of birth, drivers licence number, Tax File Numbers and bank account details. These can be used for social engineering and phishing attacks by the cyber villains and subject you to fines and penalties by the OAIC.

2.

You don’t transact online
Your business may not have a website, but if you use a computer, a local network, or a server to hold electronic files and records, you are vulnerable. Most businesses do their banking online, or manage their invoicing, both of which may include sending and receiving personal or sensitive information. Many businesses receive supplier invoices via email which can be easily accessed in the case of a system breach or cyber-attack.

3.

Your data is safe in the cloud
Did you know that a business is legally responsible for the information that is stored in their cloud, even if a hacker accesses the cloud via a third party? A common example of this is if a business outsourced to an IT provider and the IT provider was hacked. The business may incur notification costs (to both the OAIC and the affected individuals), remediation costs and legal costs.

4.

Your IT employee/IT consultant will take care of it
Does your IT employee or IT consultant work 24/7? A Cyber Liability and Privacy Protection Policy offers 24/7 emergency Incident Response services which will mitigate further losses, and give the best advice on what next actions to take.

5.

Your IT system can’t be breached
No system can be 100% safe. The world’s most secure systems have been breached – i.e. FBI, Commonwealth Bank of Australia, Facebook and Sony. As these large corporations, who have the budget for high tech cyber security, are able to be hacked, then it is more than likely that a hacker will be able to hack an SME company. Criminals see these SME companies as quick and easy money given the low security measures in place.

CYBER Insurance in Action

claims examples

Buy A CYBER POLICY TODAY

Simply fill in your details below, get a quote and purchase your cyber policy within minutes.
Just follow the prompts.

CyberHero has partnered with underwriting to offer Cybercare, cyber insurance that is specifically tailored and available to protect small business with essential coverage against cyber threats and date breaches. Cybercare provides sophisticated yet affordable coverage to minimise the impact to your business and protect its reputation.

FAQs

Frequently Asked Questions

All Australian businesses with annual turnover under A$20,000,000 and a registered ABN/ACN are eligible for cover under this policy providing the business activities are not excluded.

Excluded business activities: real-time trading platforms,multiple ticketing platforms, crypto assets, games development, adult entertainment,online dating services,gambling,social media, software as a service( SaaS), payment processor, nuclear or similar power utilities, information technology hosting services.

Every business that has a website or electronic records is vulnerable to cybercrime or an accidental data breach. A cyber incident can be very costly to your business.

Depending on the type of cyber breach, your business may be up for the cost of ransoms or IT solutions to unlock and repair your system. You could also be liable for the costs of breach, legal claims, and remediating any losses suffered by your customers or clients.

Cyber breaches don’t just cost your business money, it could also threaten your intellectual property, put your customers’ personal information at risk and cause major damage to the reputation of your company.

Cyber insurance can help cover financial losses to your business, your customers and other parties following a cyber security breach.

This might include costs associated with:

  • Loss of revenue due to interrupted business
  • Hiring negotiators and paying ransom
  • Recovering or replacing your records or data
  • Liability and loss of third party data
  • Defence of legal claims
  • Investigation by a government regulator
  • Copyright infringement
  • Misuse of intellectual property online
  • Crisis management and monitoring
  • Prevention of further attacks

The cyberattacks dominating the headlines are mostly insurable, such as:

  • Spearphishing
  • Social engineering
  • Ransomware
  • Data theft
  • Business email compromise
  • Weaponized attachments
  • Account takeover
  • We offer Market leading insurance premiums. Basic cover starts at $388 a year
  • It’s designed for small business
  • You can buy a policy in minutes online
  • You have access to an Emergency Response Team 24/7 ,365 days a year.
  • You can lodge your claim online and you can visibly track your claim as your situation is assessed.
  • Insurance is offered by Agile underwriting Services Pty Ltd. AFS holder and Lloyds of London security holder. Visit www.agileunderwriting.com

You need to lodge an incident report ASAP?

The first step is to lodge an incident report as soon as you can, using one of the following options:

Our team is available 24/7/365.

Step 1. Talk with our IT security expert

  • Our first respondent is an IT Security Specialist who will provide triage and initial remediation.
  • They are also available 24/7/365 and will contact you as soon as practical to diagnose the issue and commence managing the incident, focussing on getting your business back on track as soon as possible.
  • In addition, they will contact and coordinate our specialist providers and manage the overall response.

Step 2. Work with our team to identify and contain the breach

  • Our IT Forensics team will help to identify and contain the security breach.
  • They will clarify the scope and breadth of the issue and provide a preliminary report.

Step 3. Understand the legal and public relations impacts.

  • Our IT Forensics team will help to identify and contain the security breach.
  • They will clarify the scope and breadth of the issue and provide a preliminary report.

Step 4. Discuss report and Recommendations

  • Our team will prepare and provide a report explaining what has occurred, including recommendations for improving your cyber security, if relevant.
  • Our IT Security Specialist will be happy to schedule a time to discuss the report and the recommendations.

Yes we do. Cyber Hero can offer partnership opportunities with any  organisation or association who wishes to offer Cyber insurance directly to their members. Contact us to find out more at: info@cyberhero.net.au

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