Aon is proud to partner with Small Business First to offer an exclusive offering on Cyber Risk Insurance
By working closely with organisations to understand the unique risks they face, our cyber risk experts have developed a tailored risk management program to mitigate exposures and enhance your cyber insurance coverage to ensure you are appropriately protected.
Why you should look at buying Cyber Liability Insurance:
1. Data is one of your most important assets yet it is not covered by standard property insurance policies
2. Systems are critical to operating your day to day business but their downtime is not covered by standard business interruption insurance
3. Cyber crime is the fastest growing crime in the world, but most attacks are not covered by standard property or crime insurance policies
4. Third party data is valuable and you can be held liable if you lose it
5. Retailers face severe penalties if they lose credit card data
6. Complying with breach notification laws costs time and money
7. Your reputation is your number one asset, so why not insure it?
8. Social media usage is at an all-time high and claims are on the rise
9. Portable devices increases the risk of a loss or theft
10. It’s not just big businesses being targeted by hackers, but lots of small ones too
Cyber security affects us all – the Cyber Risk Symposium delivered delegates with genuine clarity regarding the global threat environment and also provided important insights about what practical actions organisations can take to make a difference.
Here are six smart steps to cyber security that we can help clients with now:
1. Identify the black hats: Professor Greg Austin from the Australian Centre for Cyber Security said that there are nine major sources of attack. Working out which of your data is most vulnerable and who or what is most likely to go after it are important first steps in taking control of cyber security.
2. Map your cyber borders: The rules about information systems are in flux. DLA Piper partner Scott Thiel said organisations needed to be aware of the different rules around the world, and work out the most effective way to comply. Taking a smart approach can deliver a competitive edge.
3. Implement technology protections: Tim Fitzgerald chief security officer and VP Symantec said organisations should deploy modern technologies and smart processes to limit the risk of attack, and identify breaches early. And since cyber criminals are constantly on the move it’s critical to update security technology and refresh education programmes regularly.
4. Insure appropriately: There’s a point where the benefits of additional security technology investment diminishes, and companies need instead to turn to cyber insurance to reduce risk. Kevin Kalinich, Aon’s global cyber practice leader, said organisations needed to rigorously assess exposures and seek appropriate insurance cover.
5. Have a plan: Trying to work out how to respond in the heat of the moment, when your systems have already been attacked, is far from ideal. Best to plan ahead so that everyone knows what to do if and when it happens, and to have agreements in place with lawyers, insurers, forensic analysts and security specialists well in advance.
6. Revisit, review, refresh: Cyber security is not static. Organisations need to regularly review the threat landscape, their cyber borders, security technology and staff education programmes, their insurance protection and response plan in order to protect the organisation and reduce risk.
*This information is provided for general information purposes only and is not intended to be relied upon as financial advice (whether personal or otherwise). Small Business First Pty Ltd has a commercial relationship with Aon Risk Services Australia Limited ABN 17 000 434 720 AFSL 241141 and may receive remuneration that is a percentage of commission if certain insurance products are purchased as a result of a successful referral. Aon recommends you consider your personal needs, objectives and financial situation before making any financial decision or contact them.