CYBER AND PRIVACY LIABILITY INSURANCE
These policies are not the panacea to cyber risk, they are a tool that assists in managing the post breach environment after an event such as being hacked.
As your business becomes ever more reliant on technology, the risk of suffering a loss related to problems with computer systems or holding sensitive customer data continues to grow. It could be that your business holds personal information on clients, including names, addresses and bank details. Maybe your systems and data are held in the cloud or on physical servers, or perhaps you are reliant on a website for the running of your business. Damage or unauthorised access to any of these could lead to reputational damage and legal or regulatory costs, particularly given recent changes to the Privacy Act and mandatory reporting of data breaches.
We have considerable experience in Cyber Liability since its inception as a solution over 10 years ago and have experience in having placed some of the largest Cyber policies currently in place in the Australian market.