The Cyber Landscape 2021
CYBER LOSSES ARE GROWING
Over the last year, we have seen a number of major attacks on high-profile institutions, including the DDOs attack on the NZX, The Reserve Bank of New Zealand and the Waikato DHB in May 2021. Covid-19 has forced many people into working remotely, presenting opportunities for cyber-criminals to exploit.
New technologies are creating unforeseen vulnerabilities. Supply chains are becoming more complex, with exposure to third-parties in ecosystems that may not have the cyber resilience of your own company.
There has never been a more important time to review your business’s cyber risk exposure, focusing on your risk management and adding Cyber Insurance to your toolkit.
5 Key Reasons To Consider Cyber Insurance
Cyber insurance should be considered as a key part of your organisation's cyber risk management approach.
You are reliant on technology to operate your business.
Your business holds large volumes of personal data
Protection when cyber security fails e.g. phishing or social engineering
Third parties require cyber insurance as a contractual requirement and/or it is part of due diligence at board level.
The Privacy Act 2020 is now in force in NZ, which includes compulsory data breach notification requirements
Cyber Attacks "It only happens to the big organisations and companies, right?"
No, that is not the case. All businesses face cyber risks. Hackers don’t discriminate based on occupation or turnover; they look for vulnerabilities to exploit, system or human.
What Does A Cyber Insurance Policy Cover?
Business income loss due to a cyber event
Costs of data restoration and replication
Breach and incident response costs
Cyber extortion costs from Ransomware
Liability for costs and damages for claims arising from failure of network security and disclosure of privacy information
Regulatory fines and penalties from a Privacy Regulatory Investigation
Associated Legal Defence Costs