Cyber Risk

Cyber attacks are now a real threat to business. According to insurer figures, more than 20% of Australian businesses have experienced cyber crime and 40% of attacks have been directed at SMEs.

Did you know that the average cost per data breach in Australia is $2.72 million?

At Austral Risk Services, we believe that it is a strategic imperative for businesses of all sizes to protect their organisations from cyber threats.

It is now mandatory for organizations subject to the Privacy act to report eligible breaches. Failure to do so can result in financial penalties of $420,000 for individuals or $2.2 million for companies.

Our Cyber Risk offering allows clients to address their cyber weaknesses at a holistic level so that Boards, Directors, Business Owners and senior employees can minimise the risks of potentially significant losses by way of disruption, reputation, fines, penalties and of course, profit.

Austral Risk Services risk managed approach enables all businesses to discharge their responsibilities through identifying cyber risks and their organisational weaknesses in a rapid and cost effective way. Properly managed
Companies can both minimize their risk of cyber attack but also the cost of insurance if taken.

Contact us now for your obligation free cyber resilience assessment.

Key Trends of Cyber Attacks

• Cyber attacks occur in large, medium and small businesses - no business is safe.
• Viruses, ransomware and malware attacks are the most common, which often sends the entire network down and leaves the business unable to operate.
• Cyber attacks result in IT expenses, restoration costs to repair systems and loss of revenue.
  

  What is Cyber Risk?

  Cyber risk means any risk of financial loss, disruption or damage to the reputation of an organisation from some sort of failure of its information technology systems. Cyber risk is now getting the attention of boards of directors of senior leadership within the C-suite (CEO, CFO, CRO etc.) as more and more cyber incidents occur around the world.

Cyber security commentators see the proliferation of technology, the easy access to technology, social media and the speed of communications giving increased power to those groups that historically had smaller voices.

Cyber Risk and your responsibility

As high-profile data breaches are announced one after another, consumers may have stopped believing companies take protecting their information seriously. It’s time for companies, especially SME’s, to start looking ahead at the next generation of threats and to step up their game to better protect consumer data.

The number and sophistication of cyber threats will continue to increase exponentially. You need to ensure your business is prepared by minimising the risk and ensuring you have the right insurance in place to protect you if a breach occurs.

What does Cyber Risk Insurance cover?

Austral’s Cyber Liability & Privacy Protection Insurance covers the following:

• Third Party Claims covers the Insured's liability to third parties from a failure to keep data secure, such as claims for compensation by third parties, investigations, defence costs and fines and penalties from breaching the Privacy Act.
• First Party Costs cover reimburses the Insured for the costs incurred to respond to a breach, such as IT Forensic Costs, Credit Monitoring Costs, Public Relations Expenses and Cyber Extortion Costs (including ransom payments to hackers).
• Business Interruption provides reimbursement for the Insured's loss of profits resulting from the breach, as well as any additional necessary expenses it may need to incur to continue business as usual.
  
  Call Austral today to find out how we can help you insure against any cyber threats.