Project Description

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Cyber insurance explained.

Most effected industries by Cyber Crime in 2018

Did you know?

That if you work in the following areas you automatically qualify for the Mandatory Notification Laws

An organisation that –

  1. Provides a health service and holds health information other than an employee record, or
  2. Discloses personal information about another individual for benefit, service or advantage, or provides a benefit, service or advantage to collect personal information or;
  3. Is contracted service provider for a Commonwealth Contract.

The newly released Govt stats from the Notifiable Data Breach Scheme Notifications since February 2018 have found the following information relating to the incidents.

What does Cyber Insurance cover?

You – First Party Losses

  • Business interruption losses for the business and external suppliers
  • Cyber extortion
  • Electronic data replacement

Others – Third Party Losses

  • Security and Privacy Liability
  • Defence Costs
  • Regulatory breach liability
  • Electronic media liability

Other stuff you don’t think about – Extra Expenses:

  • Crisis management expenses
  • Notification and monitoring expenses