Cyber Insurance Specialists
On the 22nd February 2018, Australia’s data breach notification laws came into force. Now is the time to consider how cyber insurance could be a useful and cost-effective new part of your risk management plan.
Your Existing Cover Probably Won’t Cut It
You may have existing cover – for example business insurance or management liability, but it is unlikely that any such insurance will cover losses arising from a cyber security breach. In fact, some general policies contain specific exclusions for cyber-related losses.
What is Cyber Insurance?
Cyber insurance offers coverage for, or mitigation of, certain specified, limited cyber risks.
How Does Cyber Essentials Protect Your Business?
Carollo Horton’s Cyber essentials is designed to protect your business against a number of different cyber attacks or events, This cover is an extension to the pharmacy insurance policy and provides cover for:
- System Damage: For rectification costs in repairing, retrieving, replacing or restoring your computer records or computer records you are responsible for that have been hacked, destroyed, damaged or lost due to a cyber event.
- Computer Virus And Hacking: Cover for claims and defence costs as a result of a third party’s financial loss due to a hacking attack or virus that began or passed through your computer systems.
- Extortion Cover: For cyber extortion costs incurred in responding to a security threat to you computer systems. Cover includes extortion payments and costs involved in negotiating, mediating and crisis managing to end the security threat.
- Privacy Fines & Investigations: For fines or penalties payable by you (to the extent we are permitted by law) as a direct result of a breach of your privacy obligations. Cover also includes regulatory investigation costs into the breach.
- Privacy Breach Notification & Loss Mitigation: For privacy breach costs incurred as a direct result of a cyber-attack or event. Cover includes paying the costs of establishing a credit monitoring service or identity theft helpline or providing call centre support services.
- Privacy Breach: Cover for claims and defence costs if you breach: a person’s privacy, a company’s commercially confidential information, your employee’s privacy.
Want More Information about Cyber Insurance?
At Carollo Horton, we have created the first Pharmacy specific Cyber Insurance product. Let our dedicated team talk to you about how our Cyber Essentials package can be part of your response to these new government requirements.