If you rely on the internet, email, websites or computer software to operate your business then your current insurance is unlikely to cover one of the most important aspects of your business: your data.
At PSC Insurance Brokers, we have access to a suite of specialist insurance policies to cost-effectively cover you and your business against cyber crime and the new data privacy legislation.
Over 20% of Australian organisations suffered from a Cyber Crime in 2012.*
Through our underwriting partners, we have arranged specialist insurance policies designed to address the current and evolving exposures you face from relying on the internet, email, websites, or computer programs, data and from storing private information about your clients.
In times of crisis, a Cyber & Privacy Protection policy will protect you by providing access to a specialist team consisting of an experienced panel of security and privacy consultants to ensure a rapid and effective response.
*source: The 2012 Cyber Crime and Security Report, CERT Australia.
New Privacy Legislation
A new Privacy Act has come into effect from 12 March 2014, which will see the Privacy Commissioner with enhanced enforcement powers. These powers include the ability to award penalties of up $1.7million for corporations that have breached the Act. To find out more about the new legislation, the Office of the Australian Information Commissioner website has some great information here.
PSC Insurance Brokers insurance policies have provision to cover for privacy breaches and other issues associated with protecting your customer data.
Cyber & Privacy Protection Insurance
These specific insurance products cover the key elements that businesses now face using and protecting their data and utilising digital media and communications. These include:
- Privacy Protection – Third party claims from a failure to keep data secure.
- Breach Costs – Reimbursement of your own costs when a data breach occurs.
- Cyber Business Interruption – Compensation for lost or reduced revenue.
- Cyber Liability – Third party claims as a result of content in email, on the intranet, extranet or website.
- Hacker Damage – Reimbursement for costs to repair, replace or restore systems and data as a result of a hack.
- Cyber Extortion – Payment of ransom demands, and specialist consultant fees, where a hacker holds, or threatens to hold your website, extranet, intranet, network, programs or data to ransom.