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Cyber risk insurance 

Our experience with cyber insurance

For over 20 years Atlantic Insurance has been arranging Insurance Programs for Aged Care providers. It was the unique and sensitive information stored by these providers which resulted in us securing a Cyber Insurance option for their consideration. This was around 2015 when the Cyber Insurance product was in its infancy. This has since expanded and has now become a mainstream Insurance purchase that any business connected to the Internet needs to consider. We now arrange quotations for business from Sole Traders to Publicly Listed entities. There are now numerous Cyber Insurance products available, each of which varies and can be tailored to suit your specific needs.

Cyber insurance coverage considerations

All Cyber Insurance policies do have some common coverage inclusions. These centre around two key considerations, namely Losses to your Business and Loss to Others following a Cyber incident. These extend to include coverage for Loss or Profits, Impact Costs, Increased Costs of Working, Preventative Shutdown, IT Forensics, Virus Extraction, Customer Notification, Public Relation Costs and even ransom demands just to name a few. Coverage provisions for Third party Defence Costs and in a worst case scenario, fines and penalties, regulatory investigation, can all be considered under a Cyber Insurance Policy.

The type of Business you operate, the data you store, your IT infrastructure and approach to risk management are all factors which must be taken into account in determining the level of coverage and appropriate Cyber Insurance Policy for your Business.

Equipment & systems damage

In some cases, a cyber event may cause damage to your physical IT infrastructure. There are solutions available to cover this damage following a cyber event.

Cyber extortion

Atlantic can provide advice surrounding how cyber insurers will respond to a loss where you receive an attack or threat of attack against your IT infrastructure which can include a demand for money. The good news is this is often insurable.

Data restoration & virus extraction

A comprehensive cyber policy can ensure that any data restoration costs along with costs to rid your system of any viruses are covered.

Public relations costs

A cyber event that compromises your customers data can have a catastrophic impact on the public image of your business. Many cyber insurers provide some cover to enable you to reduce this loss by conducting public relations activities following an event.

Crisis Management

Many cyber insurers will provide some emergency assistance to help you respond in the event that you suffer a cyber event. Speak with us today to discuss how this cover can assist.

Cyber theft

We can provide Cyber Insurance options that provide cover for the direct financial loss following cyber theft or telephone phreaking following a cyber event. Speak with us today for more information on this cover.

Loss of revenue

Atlantic Insurance can assist you to identify the potential exposure to your business in respect to lost revenue should you suffer a catastrophic cyber event that impacts your systems. A loss of revenue cover can protect against a reduction in turnover following an insurable cyber event. This can often be extended to cover a loss following a cyber event at a major supplier.

Breach of privacy

With recent legislation passing mandatory reporting, which will soon become law, a third party loss following a compromise of your customers personal information could run into the millions. A Cyber Liability Policy can protect you against this loss.

Cyber Insurance - Our Observations

The uptake of Cyber Insurance Policies continues to surge and will become as common as purchasing Fire, Theft and Public Liability Insurance Policies. Recent data breaches on millions of Australians stress the need for organisations to have robust information handling processes and an up-to-date data breach response plan. Incidents such as those encountered by Optus and Medibank further illustrate that no one is immune and whilst Cyber premiums continue to rise in response to claims activity, it is an insurance purchase every Business needs to carefully consider. What has become apparent over time is the lengths Cyber criminals will go to, to gain access to your systems. Whilst these attempts were once somewhat obvious, these criminals have become skilled and creative in their approach.

We don’t see claims as an interruption to our day. We see claims as our opportunity to demonstrate a valuable point of difference. Our Client Managers will work with you to ensure you are returned to the position you enjoyed before the loss, in the most efficient manner possible. Your Client Manager aims to minimise the impact on you, your family or your Business. At no stage will you deal with a call centre.

Current Claims Landscape

Whilst we continue to learn of the exposure Cyber Hack, Thefts, Telephone Phreaking and Cryptojacking represent, it is the prevalence of Social Engineering which continues to be an area of concern. This sees a perpetrator gain access to your emails or systems, typically following a “click or a link” or download of a file which then permits access and enables them to fraudulently represent themselves as you. This access can then be used to communicate a change of bank account detail to your clients or suppliers, instruct the transfer of funds within a Business on your behalf and inject themselves into any other style of communication which can result in a financial loss to your Business. To further highlight this risk, we have witnessed a CFO query their CEO as to why he needs $40,000 transferred to a personal account, only to find out the email originated from an outside source. Secondly a Plumber who follows-up outstanding accounts only to discover these have been paid elsewhere and an email advising of a change in bank account had been send previously, but not by him.

The other thing that has evolved in line with the development of the Cyber Insurance Product is the claims response. The willingness of Insurers to work-in with a clients own IT support, or proactively involve public relations experts where required and work around the clock to avert Business Interruption losses has been pleasing to see from our perspective. At Atlantic Insurance, we are confident that with the right policy in place, should you be in the unfortunate position of logging into your system to discover a ransom demand in exchange for releasing data you will have the support of us and your Cyber Insurer to put you in the best position to work through this loss. To see the team of resources deployed by Insurers to assist and secure an acceptable outcome, reiterates that this is an Insurance purchase that all Businesses need to consider.

Plumbco Plumbers” engaged Atlantic Insurance Brokers and Director, Mark Palframan to manage our Commercial Insurances at a time when our Business was undergoing significant growth. Since then their expertise, service and professionalism has been exceptional. Atlantic Insurance truly understands our business and what is important to us. The advice we received from Mark Palframan during this time has not only helped manage our Risks across all aspects of our Business, but also led to an introduction to Mark Climpson of Atlantic Financial Services who undertook a complete review and restructure of our Personal Insurance as well. I have no reservation in recommending the Services provided by Atlantic.

Troy Morris - Plumbco Plumbers Pty Ltd

The team at Atlantic Insurance have been extremely helpful, offering insurance options and solutions for our trades business.  I have recommended them highly to family and friends and won’t hesitate to continue using them.

T. Welsh - H2Pro Plumbing

Mark & the Team at Atlantic Insurance brokers have been looking after our business insurance requirements for in excess of 4 years now.  We were so happy with the service provided to our business that they now also handle all of our private insurance requirements.  The Team is always there to answer questions, understand our requirements and work with us to ensure we have the best products for our circumstances.  We have no issues recommending the team at Atlantic Insurance.

Sasha & Troy - GTF Media

Atlantic Insurance Brokers have provided Cooper Group Australia Pty Ltd insurance advice for over 20 years. The team at Atlantic take the time to understand our business and have provided invaluable advice on new risks we face as a business in relation to Cyber threat and Subcontractor liability.  Graeme and Mark have always been contactable and have personally overseen all our Insurance claims from the smallest car accident to significant onsite break-in and thefts.  Cooper Group Australia Pty Ltd fully endorse Atlantic Insurance Brokers as a first class business partner.

Atlantic Insurance Brokers

FAQs

Your Cyber Insurers 24/7 Claim hotline will be able to direct you. The Policy provides coverage for IT Forensic investigation, crisis management, defence and settlement claims. The costs associated with data breach notification are also covered should it be required.

The Policy provides coverage to remove the virus, restore data and secure the IT systems avoiding any potential financial impact of downtime to the Business.

Make the Insurer aware via the claim hotline. The Policy will cover the cost of removing the malware and restore the website. The lost revenue and increased costs are also covered by the policy.

The Policy will cover the investigation costs and a provide legal advice if required to ensure you abide by the Notifiable Data Brief Legislation.

The Policy will cover the forensic investigation costs and the response costs to secure the email system.  The Direct financial loss of the funds transferred can also be covered under the policy.  This can be an extension under some policies.

Terminate the session and get in-touch with you own IT contractor. The forensic costs, and investigation costs in determining whether virus or any other malware/keystroke detection had been installed are covered, so are the costs to restore any data and determine the extent of the intrusion.

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