Communique November 2017

Cyber Liability

Cyber Liability Insurance is available to NZACS members as part of the ‘companion’ suit of policies and pricing starts at $373.75 inc. for a $250,000 limit. Contact our insurance consultants Aon at nzacs@aon.com for more information.“Cyber” - Relating to or characteristic of the culture of computers, information technology, and virtual reality. [def: Oxford dictionary]

• • In 2016 there were 108 Ransomware attacks per day in NZ
  • 60% of Cyber attacks are aimed at SME businesses
  • 70% of Cyber attacks are malware, scams and viruses
  • The average Cyber attack to a small business practice will cost $19,000

A cyber-attack can impact your business financially in many ways including loss of productivity, loss of profit and possibly a decline in company value.Traditional insurance is not enough to protect a business against the costs, interruption and reputation loss associated with an attack on your business.

Cyber Liability insurance provides cover for

Claims by Third Party

• who suffer loss or seek damages due to your failure to keep data secure, personal or confidential information private or the destruction or corruption of data.
• Investigation and defence costs and costs associated with the ongoing monitoring and notification of identity theft or privacy breach

Breach of Privacy, confidentiality and loss of documents cover is also provided for under a professional indemnity insurance policy. The advantage of the cyber insurance is that it also includes investigation and monitoring costs and first party costs. Traditional professional indemnity policies will only indemnify the damages claim and defence costs.First Party Costs

• Your costs incurred to respond to a breach, such as Forensic services, public relations services and fines and penalties imposed by regulator or authority under data protection laws
• Cyber Extortion Costs (including ransom payments to hackers).
• Your costs of restoring, recollecting or recreating data after a leak or breach.

24/7 responseReaction time is critical following a cyber event. Under the NZACS CyberEdge insurance you get access to insurers Data Crisis Response Panel of legal, forensic, and PR experts who are available to you 24 hours a day, providing immediate response to a crisis, helping you take the best course of action.