Cyber Attacks: It is a question of when not if...  

Cyber risk is now a major threat to businesses. Hackers are indiscriminately choosing their victims. It’s not a matter of who they are targeting but what they are targeting – and that’s… your money and your data. 

 

Australian small to mid-sized businesses, with companies employing between 1 – 250 people the most at risk.  The average cost of a cyber incident in Australia is in excess of $250,000, so it is imperative you protect your business from these emerging risks. Some common cyber threats are:

 

  • Data breaches

  • Ransomware

  • Phishing attacks

  • Social Engineering Fraud

The policy is designed to help you meet the costs and expenses associated with a cyber incident, such as:

  • ​Claims against you for privacy breach and loss of employee, personal or corporate information 

  • Loss or damage to your IT systems, records and data

  • Business interruption arising from a cyber event (ie Loss of income)

  • Liability arising from a hacker attack or virus

  • Brand and Reputation protection

  • Incident Response

  • Breach of statutory duties

  • Fines and penalties incurred due to a privacy breach, as well as cover for your defence and investigation costs

* Insurance services are provided by CMX Insurance Solutions Pty Ltd (CAR No. 001253582); Authorised Representative of ii-A (AFSL 307107) and not by CyberWorqs Pty Ltd

Case Study: Manufacturer victim of an email hack

A Raw materials manufacturer’s system was hacked via an email they received carrying a Ransomware virus. The virus prevented them from having any access to emails and their network. The hacker held the manufacturer’s system to ransom and would only release files if the client paid $12,500 in Bitcoin.

The fact that the manufacturer had numerous file shares and common storage areas made their system particularly vulnerable to attack and made it easy for the hacker to encrypt nearly every file in their system.

The manufacturer paid the $12,500 in ransom.

The manufacturer was able to recover the $12,500 ransom paid under their cyber policy. The policy also paid an additional $25,000 in IT expenses related to diagnosing the problem, decommissioning the old servers and installing a new network.

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