The Water Cooler Chat: Indemnity Insurance
The RawTech team have been out and about to lots of events and customer meetings recently. It’s probably no surprise, but everybody is talking about Cybercrime and ….. Cybersecurity Indemnity Insurance.
What’s great is that cyber “everything” is shifting north on the business radar and businesses will have to get their IT house in order to help satisfy insurance requirements, keep their premiums down and lower their risk.
So what’s the lowdown on Cyber Security Indemnity Insurance?
When it comes to IT criminal opportunity, Australian business is broadly regarded as “low hanging fruit”. This has played out with the recent high profile Optus and Medibank attacks. Small and medium businesses are also being affected. Not only is cyber crime increasing in these sectors but the business IT requirements and the requirements from insurers mean that in order to qualify for cover or claim against your insurance, you have to be properly protected.
What is it?
Cyber insurance policies help cover the negative financial impact that result from cyber events and incidents.
This may include costs associated with:
Response management
Remediation
Mitigation
Legal assistance
Investigators
Crisis communicators and reputation repair
Fines or penalties
Customer credits or refunds.
Staff overtime
Forensic services
Data liability
It may also include losses associated with:
Intellectual property
libel or slander
extortion
net income
normal operating expenses
What type of events might it cover?
Depending on your policy, it can may cover:
Telephone hacking (PBX dial through fraud)
Malicious Network Interruption (loss of internet, DDOS, hacking, data corruption or deletion)
Unplanned Network Interruption (outages, employee negligence, system failure. software failure)
Security Breach
Data incidents (accidental damage or destruction due to vandalism, weather events, fire floods, employee negligence)
Extortion (Ransomware)
How can we help?
With your insurance broker researching relevant policies for you, we can be in the background getting your IT house in order.
Asses your current cyber maturity including areas of strength and weakness
Run tests across your network to determine vulnerability
Audit your staff password regime in relation to complexity and Multi Factor Authentication
Respond to any requests from your Insurance Provider as part of their underwriting process
Speak with your teams to ensure they understand the risks
Recommend any changes to your network to heighten your protection, helping to keep you premiums down
Should a cyber security event occur, we will be your first responders 24/7/365 and will work with your Insurance Company where and when required in the critical first 24-48 hours.
Working with RawTech means we’re part of your team. We’re tightly managing your business security ensuring you are compliant, secure and…. it might even keep those insurance premiums in check.
If you would like to discuss anything referenced in this article, please get in touch with Rawtech on 1300 722 211
