Cyber crime is something that is not going away. With the advent of the internet and development of online presence has allowed for society to flourish, but also allow for more vulnerabilities to be exposed that insurance and the law in general is not always quick to respond to. That is why cyber crime insurance and cyber security insurance is going to be a strong area of interest for insurance in the coming years.
Cybercrime insurance is protecting the needs and assets of the insured – whether they are an individual or a company.
Cover Plus can help identify these new types of policies, explain what is covered and what is not and advise on how best to proceed.
With new legislation coming in, areas like data breeches are going to become even more important. If there is a turnover of $3m or more then you will need to make sure you are following the new policies.
A Brisbane Company will also need to consider 3rd party liability and the risks of being sued for inadvertently passing on data to a 3rd party which they have no control over, but may use the data in ways that the original party did not intend. With more and more data, especially personal data, being generated every year as we move to more connectivity online and the Internet of Things (IoT) becomes ever-more connected into our homes, we need to be more aware of how this can impact our lives, and the lives of our clients.
Loss of data and the cost of returning back to an original position. This can be a very high cost which many businesses do not expect. This can be as a result of data corruption or accidents resulting from poor storage, natural disasters or power fluctuations – or alternately could stem from cyber-crimes such as ransomware hacks where new technologies allow international hackers to steal your data and refuse to return it. This has had disastrous results for many international and national companies and is an area which we advise our clients to consider when they are looking at their insurance needs and to look into cyber crime insurance or cyber security insurance
If you are looking for Brisbane Insurance and are interested in talking further about Cyber crime Insurance or cyber security insurance, than get in contact with Cover Plus today by calling Craig Shanley on 07 3368 2412 Or fill out the contact form below and we will be in touch within 24 hours.