What does the cyber liability cover?
The Cyber policy can be broken into 2 parts;
Claims made against you
- Privacy Protection – third party claims from a failure to keep data secure such as credit card information, bank account details, medical history or financial history
- Cyber Liability – third party claims as a result of content in email, on the intranet, extranet or Website that may cause the 3rd party to suffer a loss
Claims for your own losses
- Breach Costs – reimbursement of your own costs when a data breach occurs
- Cyber Business Interruption – Compensation for lost or reduced revenue
- 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
- Hacker Damage – Reimbursement for costs to repair, replace or restore systems and data as a result of a hack
The New Privacy Act also came into effect in Australia on 12 March 2014, which gives the Privacy Commissioner greater enforcement powers, including the ability to penalise individuals up to $340,000 and $1.7million for corporations. Can you afford to cover these costs?
If you are a business that retains client information, has a website that takes automated payments via credit card, or merely has a website that you may not be able to afford to rebuild then you need Cyber Liability & Privacy Protection Insurance. At Oracle Group we can provide an easy application process to obtain you a quotation. Please contact us if you require further information or would like a quote.