Cybercrime Liability Insurance – What is it?
Firstly, let’s first consider what Cybercrime actually is.
In Australia, cybercrime has a narrow statutory meaning as used in the Cybercrime Act 2001 (Cwth). Broadly: Cybercrime – criminal activities carried out by mans of computers or the Internet.
This may include ransom or kidnap of data and systems, identity theft, copyright and content offences etc.
Cybercrime Liability Insurance covers are broad in their scope of criminal activity. While computers, mobile devices and the Internet have made our lives easier, it does expose us to that element of people also use these technologies to take advantage of others.
Why do I need Cybercrime Liability Insurance?
- Networked computers
- Computers accessing the Internet
- Cloud storage of client data
- Storage of data or private client details on your network
- A business website
- A website transacting payments
- Email services
Basically every business with a website now has a similar exposure to copyright, money laundering etc as a publisher and as such require Cybercrime Liability Insurance.
The range of claims usually involves First and Third party claims.
- Data locked out for monetary exchange – Extortion by denial of service
- Data removed, encrypted or damaged e.g. client lists, IP information
Client private details become available publicly. E.g. full names, medical records, ID numbers
Sadly, not all policies are the same so our Brokers will ensure that your Cybercrime Liability Insurance policy is specifically designed to suit your individual circumstances.
Quality cover and applicable extensions are designed in Cybercrime Liability Insurance Policies to cover standard and non-standard risks such as:
Personal Data Liability
– Breach of personal information/data protection
Corporate Data Liability
– Breach of corporate information
– Breach of data protection by an outsourced provider where the data user or policyholder is legally liable
Damage resulting from any breach of duty that ends in:
– Contamination by malicious code of third party data
– Improper or wrongful denial of access by an authorised third party to data
– The theft of an access code from premises, computer system or employees
– The destruction, modification, corruption, damage or deletion of data stored on any computer system due to a breach of data security
– The physical theft of hardware
– Data disclosure due to a breach of data security
– Defence costs in respect of any litigation brought by a data protection authority
Coverage for media content, Cyber extortion, Network interruption and much more!
Current Breach of Privacy legislation imposes Fines and Penalties of up to:
Individual $ 340,000 per breach
Corporate $ 1,700,000 per breach
Nothing can replace professional expertise advice from an experienced Specialist Insurance Broker.
To arrange an introduction with our specialists, please either call 07 5313 7871 or complete the form below.