Cyber criminals are exploiting the global focus on Covid-19 and the massive increase in working from home to infiltrate networks and extort money.
Covid-19 and cyber viruses has a cure, but with access to market powering Cyber Event Protection policies, Coverit are able to service the emerging and evolving threat landscape.
Physical distancing to avoid contracting Covid-19 is the equivalent to the “zero trust” attitude according to our friends at Emergence Underwriting Agency, who are a dedicated Cyber Insurance specialist. For all intents and purposes all our clients should “Assume everyone is a threat”
Head of Emergence Underwriting Mr Jeff Gonlin remarks “Masks are like firewalls, neither are fully reliable in preventing bugs from spreading. Anti-virus software is like a vaccine but, just as old vaccines don’t work against Covid-19, anti-virus software is ineffective against novel cyber viruses.”
Whilst our pillars of broking support are always there to consider market Cyber Insurance products, Emergence stands out as a reputable and reliable underwriting source, dedicated to this prevalent area of Risk with under 5% of Australia’s Businesses are the only ones realizing the value in Cyber Insurance protection being the backstop to what your IT providers cannot stop or accept as their fault if the proverbial….. “hits the fan”.
Average claims costs including Business Interruption now exceed $150,000 and with our finger firmly on the mouse button can arrange a policy with premiums for an SME business usually between $1,500-$5,000.
Cyber Insurance can include;
- Preventive shutdown cover to enable you to take preventive measures before cyber events hit.
- A preventive shutdown allowance to compensate for lost earnings and increased costs (Business Interruption) and provide independent security audits to assess threats.
- System failure cover is added to contingent business interruption to protect against failure of your’ IT infrastructure or IT infrastructure managed by external contractors.
- Expanded cyber extortion cover includes threats against data held in your systems or exfiltrated.
- Privacy error protection to counter human errors that can cause unauthorised disclosure of personally identifiable information, including non-electronic data.
- Identity-theft response costs to expand victim support from notification and monitoring to helping them re-establish their identities and records.
- The ID theft cover compensates individuals, including employees, from direct financial losses from ID theft.
Please don’t hesitate to contact Damian Petruccelli to discuss this very important aspect of an Insurance program for business owners, or we would be prepared to engage with you and your IT Managed Services provider via an online meeting to discuss the risks at hand.
