Cyber Insurance 

IS YOUR BUSINESS PREPARED?

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. 

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Technology

You are reliant on technology to operate your business.

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Data

Your business holds large volumes of personal data

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Cyber Breach

Protection when cyber security fails e.g. phishing or social engineering

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Contractual

Third parties require cyber insurance as a contractual requirement and/or it is part of due diligence at board level.

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Regulation

The Privacy Act 2020 is now in force in NZ, which includes compulsory data breach notification requirements

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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? 

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First-Party Loss

  • Business income loss due to a cyber event

  • Costs of data restoration and replication

  • Breach and incident response costs 

  • Cyber extortion costs from Ransomware 

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Third-Party Loss

  • 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

Not All Cyber Policies Are Created Equal 

Let The Insurely Team Guide You Through 

Let's Get Started

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