Almost every business today is dependent on their IT systems and data to operate. Cybercrime is now big business and cyber breaches in New Zealand are on a sharp increase – and it’s not just large businesses being hit. Every time your business connects to the Internet, you expose it to potential hackers. Now widely available in New Zealand, Cyber cover protects you from financial loss if someone breaches your network or compromises your data. It also covers you for claims that your use of the Internet caused someone else to suffer a loss.
- Expert help and data forensic expenses
- Extortion/ransom costs
- Costs to recover, restore and secure your network or data
- Costs of data breach notification, credit and ID monitoring for affected customers
- Business interruption and loss of revenue
- Increased operating costs resulting from an attack
- Third party loss resulting from an incident
- PR and crisis management costs.
Commercial Risk Specialist, Mark Hurren, answers your questions
Q. What types of businesses should have Cyber Insurance?
Mark says: With the increase in cyber-attacks across all business types and sizes, every business using the Internet should think about Cyber cover.
Q. What are the risks?
Mark says: An attack on your cyber network can result in a whole lot of expense and hassle – data forensic expenses, costs to restore data, costs of notification, credit and ID monitoring for affected customers, loss of revenue and/or increased operating costs. Even if you use cloud services, your security is only as good as your cloud provider’s security. Plus, you may also be liable for third party costs if you or one of your staff compromises someone else’s cyber network by forwarding a virus unknowingly.
Q. How much cover do I need?
Mark says: This is usually determined by how reliant you are on your cyber network to be able to run your business. We usually recommend a limit of $250,000 as a starting point for most businesses.
Q. What affects the premium I pay for Cyber cover?
Mark says: Your cyber security levels, e-commerce activity and the types of personal information you collect, store and use are all factors that affect how much your premium is.
Think you might need Cyber Insurance?
From our clients
“When you need business insurance the last thing you want is complication and hassle. Meridian makes the process straightforward and simple, while also taking great efforts to understand your business, and get the right package at the best price.”Deryk Whyte, Consultant