Indagard Insurance Services Guide to Cyber Risk and Insurance

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A helpful guide to how the Notifiable Data Breach scheme affects your business, the threats of cyber risk and the role insurance plays to keeping your business open for business.

HOW TO STAY

PROTECTED AGAINST

CYBER THREATS


INDAGARD INSURANCE SERVICES

Copyright © 2018 John Catibog

Disclaimer: This publication is for information purposes only. The

information in this publication does not take into account the

objectives, financial situation or needs of any person and should

not be taken as advice. Before making any decision, please consult

with a qualified professional.

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CONTENTS

INTRODUCTION 4

MANDATORY DATA BREACH SCHEME 7

COMMON CYBER ATTACKS AND CULPRITS 12

STAYING SAFE ONLINE 19

THE COST OF CYBER SECURITY 24

WHAT DOES CYBER INSURANCE COVER? 29

BUT I ALREADY HAVE INSURANCE 34

GETTING CYBER PROTECTED 37

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Did you know

that 60% of

businesses

close down

within 6

months of a

data breach

incident?

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Introduction

Insurance is an essential item on any business’s balance

sheet.

Depending on the industry you are in, your clients,

vendors and/or the government may require you to

carry certain types of insurance. Chances are that you are

well familiar with these: public liability cover, builders

insurance, commercial auto, key person insurance, just to

name a few.

In this e-book, however, we will shed light on a different

type of insurance that is becoming more and more critical.

With data breaches on the rise, Cyber Insurance is the type

of insurance that deserves your attention.

It is not contractually required (yet) in most cases but the

lack of it can (and most possibly will) have devastating

consequences.

We’ll take an in-depth look at what cyber insurance is, the

covers it provides and the privacy laws that impact you.

Not only will we look at Cyber Insurance but we’ll also

discuss the most common cyber attacks/hacks you could

face.

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According to Ponemon Institute, an average cost

Australian business incurs, is $139 per affected record.

If you had just a 1000 records (that could include

customer information, vendor information, email

subscribers, anyone who signed up to your website with a

password), your average cost would be $139,000.

Do you have this money set aside to cover a cyber breach

incident?

If not, read on.

What exactly is cyber

insurance?

Cyber Insurance is designed to help offset your costs in the

event of a data breach.

Like any other insurance, it’s a risk mitigation technique

that allows you to transfer some of that risk to the

insurance company.

Let’s face it; every business nowadays uses technology.

Whether you sell online, or simply have your customer

information on a server in a cloud, if your computer is

connected to the internet, the data is at risk.

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The truth is, the data you are responsible for is never 100%

secure, and hackers make it their mission to breach your

computer’s defences.

Technology has massively changed the way business

is done today. While technology in business has many

advantages, it has opened the door to many new dangers

and risks that didn’t exist before the digital era.

You may be a local business, but your reach is global the

moment you’re online and at risk.

Cyber insurance will cover costs associated with notifying

the individuals whose data has been stolen, forensic

investigation costs and will protect you from lawsuits by

people affected by the data breach whose records you were

responsible for.

Of course, no policy is the same, so it’s important to look

at each quote you receive to determine what exactly is

covered.

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MANDATORY

NOTIFICATION

DATA BREACH

SCHEME

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Are there any laws that make

Cyber Insurance necessary?

The new Notification Data Breach (NDB) scheme has

changed the requirements for companies and agencies in

protecting the Personal Identifiable Information (PII) they

collect and store.

This new law made Cyber Insurance even more critical as

there are new (costly) obligations to deal with if the breach

happens.

On February 22, the Office of the Australian Information

Commissioner (OAIC) established the NDB scheme as part

of the Privacy Act.

What does this mean for you?

If your business, agency or non-for-profit organisation has

an annual turnover of $3 million, it is now mandatory for

you to report any data breaches to the OAIC.

Additionally, you must notify any individual whose

sensitive information has been accessed and is likely to

be harmed within 30 days of becoming aware of a data

breach.

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Why do I need cyber insurance?

If you recall, the introduction to this book gave an

alarming statistic – an average cost the business incurs, is

$139 per affected record.

With NDB in place, this average is sure to climb up for

compliant businesses due to now mandatory notification

and regulatory costs.

Simply put, the damages and consequences from a cyber

attack can significantly hurt your business.

Keep in mind, that your costs will be far higher than the

mandatory regulatory costs.

Consider this. If the data breach happens, will you want to

hire a PR firm to mitigate the reputational damage and bad

press?

Of course, you would.

What about the income that lessens due to your customers

not trusting you anymore?

Wouldn’t you need some kind of financial supplement to

keep you from shutting the doors due to no income?

Cyber Insurance attempts to keep your business running

while you deal with the fallout from the breach. Business

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Interruption, Media & Relations and more are all covers

available under the policy.

If you don’t have the protection Cyber Insurance provides

against cyber risks, then there is a real chance that you will

be the one who foots the bill from cyber damages along

with any loss of data.

If you are a contractor, you may start to see the

requirement of having a Cyber Liability Insurance policy

included in your future contracts. People are beginning to

realise that a cyber threat is real and everyone wants to be

protected in case anything happens.

Do you:


Have your employees use computers,

smartphones, and/or the internet as part of their jobs?


Create, keep and use sensitive customer

information from customers, employees and suppliers?


As a consultant recommend or implement any

security measures for your client?

If you answered yes to any of those questions, then you

need cyber insurance.

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I’m just a small business. Why

would hackers want to target

me?

According to various studies, at least 45% of all cyber

attacks target small businesses.

Look, the tech giants like Apple, Yahoo, Facebook and

more, all anticipate data breaches and have whole

departments that deal with data security.

A big corporation will have teams of people monitoring

their security and susceptibility to attacks 24/7, and even

they are not immune.

Just think of Equifax data breach scandal that affected over

143 million Americans.

Small businesses are often targeted because it’s easier.

Their data is less secure, they don’t invest enough (or at all)

into security countermeasures and thus is seen as an easier

job for the hackers.

Sometimes, the hackers themselves don’t even

intentionally target you. They may have automated

malware randomly flooding vulnerable systems, and your

business happens to be one of the victims.

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COMMON

CYBER

ATTACKS

AND

CULPRITS

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What are the most common

types of cyber attacks?

There is a wide range of methods cyber criminals use to

breach your system and steal your data.

A short list of common techniques these criminals might

use includes malware, phishing, DDOS, SQL Injection, and

Social engineering.

To give you a better understanding of the threats you

could potentially be facing online, please see below the

brief overview of each of these methods.

Malware

This is one of the most common ways for cyber criminals

to breach your system.

Malware is a harmful software intended to be used

maliciously against your machine; once installed, it can

spread and disable your computer, overload your servers,

and steal your records.

Common types of malware include viruses, ransomware,

worms, and spyware.

Attackers will disguise malware as harmless links or email

attachments to trick you or your staff into clicking.

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Once clicked, malware can be used to gain control of your

system, spy on your activities, monitor keystrokes and

passwords, create vulnerabilities to be accessed further or

crash your computer and network.

Phishing

Phishing is a cyber attack where the perpetrator pretends

to be someone else to trick you into providing passwords

or financial details.

They may pretend to be a reputable business or

organization, a regular person who is in a rough situation,

or a group that is in charge of giving you some kind of

prize or award.

DDOS

Short for distributed denial of service, DDOS attacks are

used to crash computers, servers, or networks.

They work by overloading the system with incoming data

from multiple sources; often the attacker will use a group

of people or bots to send repeated information to the

system from numerous different connections.

They might enlist the help of people from a website or else

use various different servers to hit your system from many

entry points.

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SQL Injection Attack

Standard query language (SQL) is a management language

that is used to query and handle information within

databases.

In an SQL Injection attack, the attacker will use code to

“trick” a database into providing them sensitive or valuable

information by exploiting vulnerabilities in the system.

Before you have any chance of reacting, the attacker has

copied this information from your database and now has

full access to it.

Imagine if your system stored medical files, credit card

details, or tax file numbers and fell victim to this kind of

attack!

Social engineering

Social engineering involves an elaborate ploy to

manipulate an individual into giving up sensitive

information.

Cyber attackers will use human interaction to coerce

the individual to break procedure and either directly or

indirectly give them access to valuable information.

Attackers often use tactics that, on the surface, seem

completely innocent and harmless but that, in actuality,

can seriously jeopardize the safety of your data.

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Who commits cyber crimes?

Cyber crime has evolved dramatically in the last decade.

Back in the 90’s a typical hacker was a lone wolf who wrote

a virus to show everyone what he could do.

These days cyber crime is a “legitimate business” for many

criminal organisations that devote considerable resources

to writing viruses and creating scams to get access to your

private data.

The type of people who commit these crimes go by many

names: Hackers, identity thieves, organized criminals, and

cyber terrorists, just to name a few.

Whatever they are referred to as, these attackers have a

common goal: to steal your data.

The threat, however, can sometimes come from much

closer to home – your data can be stolen by competitors,

your employees, or even be a simple human error.

Competitors

This one isn’t hard to believe. The perpetrators can be

your competitors wanting to give themselves an edge over

you.

There are numerous, unethical and creative ways

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unscrupulous competitors can try and get access to your

data.

They might contact your employees, use theft or hack into

your computers to get the information and disrupt the

operation of your business.

You can’t underestimate how far a competitor might

be willing to go to gain an advantage. Whatever their

motivation or strategy is, competitors represent a real risk

to your system and your sensitive information.

Employees

Cyber threats aren’t just outside your organisation.

Employees can also pose a threat.

Employees, both past, and present, could hijack your

proprietary information to sell it to another party or use it

to start their own business venture.

They might steal important financial data for their own

benefit. Whether they are out for revenge or simply

looking for financial gain, it is essential to have processes

in place to safeguard your data.

Human Error

Data breaches aren’t always the work of cyber criminals.

Sometimes a data breach can simply be a result of basic

human error.

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For example, an employee might dispose of paperwork

by throwing it in the bin. Unbeknownst to the employee,

those papers contained valuable information that gets into

the wrong hands.

It’s not uncommon for business owners to completely

underestimate or even ignore the risks posed by members

of their own staff with inside access to their data and key

information.

Another human error example is an employee losing his

work laptop (or it being stolen).

Is it employee’s fault?

Usually no.

But it can be a severe risk in the wrong hands.

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STAYING

SAFE

ONLINE

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Insurance should be seen as the last line of protection for

your business when all other measures fail.

After all, prevention is better than cure.

Insurers also look more favourably upon businesses that

are taking precautions to prevent a data breach and could

result in better premiums and terms for cover.

You cannot stop a cyber attack because if a criminal really

wants to access your system, they’ll find a way, but you can

make it as hard as you can for them. Often, that would be

enough of a deterrent.

After all, most would rather do a quick hack, get in and get

out rather than spending considerable amount of time and

resources hacking a well protected business that they don’t

know what they’ll find in.

Besides having cyber insurance, here are some ways to

minimise a cyber hack and the damaging aftermath.

Invest in security software

Security software is a must for keeping your data secure

and protecting the information you are responsible for

from cyber attacks.

Security software is a worthwhile investment, and both

antivirus and firewall should be installed to protect you

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against the most common forms of cyber attacks.

An antivirus protects you against malware.

A firewall helps prevent any unauthorised access.

Make sure that you are continually upgrading your

software, as newer and more sophisticated viruses and

methods are developed every day.

Antivirus software can only be truly effective when it

is prepared for the latest and most high-risk malware

floating around on the web.

Encrypt your data

Encryption is a simple but highly effective way to make

data harder to access by hiding its readability. You’d be

surprised at how much more secure your data can become

using simple encryption software.

Update your software to the latest

versions

When software is updated, the developers add code to

protect against the latest forms of cyber attacks. It’s best

to update your software to the latest versions on a regular

basis. Often, vulnerabilities or exploits that were present in

earlier versions will also be patched up by the developers.

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Restrict access

For highly sensitive or valuable information, it is a very

good idea to restrict access so that only those who you

trust and who need to see it can use it. After all, it doesn’t

make much sense to let sensitive information be accessed

by people who don’t need to see it, right?

Regular backup

For crashes and other more obvious cyber attacks, regular

backups will be a lifesaver in protecting and restoring your

data against damage or deletion.

Utilize both cloud and physical backups and update

them regularly. This will ensure that your backup is

always relatively current and that you don’t lose any key

information due to an attack.

Regular backup and safe storage of the backup is often

a condition insurers want to see in a business they are

assessing for cover.

Implementing Security Awareness

programs

Security Awareness Program is a training for your

employees to educate them on proper online use, who to

contact if they discover a security threat and that data is an

important corporate asset.

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Stay Smart Online program, an Australian government

initiative, has collated tips on safe online behaviour

to help you stay secure online. You can get it on the

StaySmartOnline.gov.au website.

Some good precautionary measures for online use would

be to restrict the use of social media during work hours

and disallowing sending work-related data to/from

employee’s personal email.

The amount of time it takes to teach your staff some of

the basics of safe online use is well worth the risks it might

protect your organization against.

Change your password regularly

A very easy way to protect against cyber attacks

is to change your password regularly. Some good

recommendations would be to increase the complexity of

your passwords and to not write them down anywhere.

It’s not at all uncommon for an attacker to gain access to a

system due to an easily hacked password.

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THE COST

OF CYBER

SECURITY

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How much damage can a cyber

breach do?

According to the findings from the 2017 Cost of Data

Breach Study: Australia conducted by IBM and the

Ponemon Institute, notifications due to a cyber breach

have an average cost of $500,000.

Activities that are involved with notifications include

the building of contact databases, checking to see if the

business meets regulatory requirements, discussing the

breach with outside experts, and miscellaneous costs

related to the communication to those affected.

Those are just the costs of notification activities!

We haven’t even started to factor in other costs related to

the damages.

Additionally, consider these numbers:




The total cost of a data breach averages out to

$2.51 million

The cost per lost or stolen record is an average of

$139

The financial, services, technology,

communications, industrial, and education industries have

greater costs due to the sensitive information they use.

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Another thing to keep in mind, is the fact that often the

breach is not discovered immediately.

Usually the attack runs in the background getting all the

incoming information straight to the bad guy on the other

end.

The longer the attack happens, the higher the cost.

Multiply those costs by hundreds or thousands of records

and you can see how quickly the numbers grow.

THE HARDEST COST TO

QUANTIFY IS THE LOSS OF

CUSTOMER TRUST

If you knew your best friend’s data was compromised

because he was doing business with Company A, would

you willingly give them your personal information?

Of course not.

I wouldn’t either.

So that company has already lost you and me as their

potential customers.

It’s easy to see how this could snowball quickly resulting

in no new customers, reduced or non existent business

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income all while incurring unexpected expenses.

Recent examples are the worldwide trending

#DeleteFacebook and Mark Zuckerberg in damage control

as an impact of the lost of the trust. Target and Yahoo! are

other recent examples that made headlines.

There’s no doubt the damage to the trust amongst their

customers would have a negative impact on their business.

How much cyber insurance do I

need?

It depends.

Some factors to consider are your industry, how and where

you operate your business, the size of your business and

the type of information you keep.

The limits you need can also be dictated by the contract

requirements you have with your clients or vendors.

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How much does cyber liability

insurance cost?

Again, it depends.

This is like asking “how much would it cost me to buy a

house?” You can’t give a cookie-cutter answer because

the factors involved is different for everybody. You have

to consider the location of your house, the size of it and

many more factors that are unique for every buyer.

As with buying a house, when purchasing an insurance

policy the cost depends on several factors.

The most important being the size and nature of your

business, as well as, the level of cover you wish to have.

The cost of cyber liability insurance is never a certain until

your risks are properly reviewed by the underwriters,

however a rough, indicative starting range of cyber

insurance premiums can be between $900 to $2,500, for

cover between $500,000 to $2 million for a small business.

Corporate businesses that have larger operations or across

border will have much greater costs but they also have a

great deal to lose.

It may seem like the unnecessary cost but the cost of the

yearly premium is so much less than what a business

would have to pay if the incident was to happen.

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WHAT DOES

CYBER

INSURANCE

COVER?

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First party damages

This covers the costs incurred by your business.

It’s important because it provides you the money needed

to respond to a breach and get you back to operating at the

same level before the breach occurred.

A policy can include:

Privacy Notification & Crisis Management Expenses


Notification of the data breach to those affected.

A vital cover to the cost of complying with the new NDB

scheme.



Hiring a forensic firm to investigate the breach.

Hiring a PR firm to manage the bad press and

restore your customer’s faith.


Providing credit monitoring to those affected

MULTIPLE BREACHES

A travel agency with 4 locations experienced 3 separate

breaches over a year’s period. Over 250,000 records were

compromised including credit card and passport information.

The Cyber Liability policy paid $1.75M in forensic and legal

costs and the cost of notifying those affected.

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Business Interruption Costs

This cover your loss as a result of a hack and to get you

back in business again.


Loss of income - compensating the business for

lost income while it is dealing with the fallout from the

breach.


restoration.


The cost to recover the data and system

Extortion and ransom payments – payments

to the extortionist that is holding your data hostage or is

threatening an attack.

Social engineering damages

A cyber insurance policy can cover offline damages

sustained due to the use of deception in manipulating

individuals into divulging confidential, personal

information which can be used for illicit purposes.

Third party liability costs

This covers the costs you will incur to compensate those

that have been negatively affected as a result of your

system being breached.

Let me demonstrate. Imagine your business was to clean

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one-of-a-kind widgets. You take the widget from the

customer to be cleaned at your workshop. Overnight, a

fire starts and destroys the dirty, but functioning, widget.

You are liable for the costs to replace the widget. However,

you may also be liable for the costs incurred by the client

as a result of losing the widget.

Cyber Policy works in a similar same way – third party

portion of the cover protects your business against a legal

action and costs incurred by others as a results of their data

being compromised in your possession.

SHOPPING, INTERRUPTED

A large online retailer’s ($5M turnover) website was hacked

and included a link to a competitor’s website when the hackers

got access to their customer’s sensitive data. Business

Interruption portion of the policy paid $800,000 to repair

the website, comply with regulations and notify affected

individuals.

Multimedia costs

Coverage can extend to social media damages; for

instance, libel and slander. Additionally, it can also cover

the costs of copyright infringement.

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It’s important to look through a policy and see if it meets

any needs you might have in this area.

What should I look for in a

cyber insurance policy?

It is vital that you understand the definitions and wordings

within the agreement. Some of the covers we discussed

may not be included in a package. One insurer might

define something as a cyber event while another would

not.

Other important details to note are limits, sub-limits, and

time frames.

Finally, you will want to consider the unique risks to your

business, what exclusions are present in the policy, and

whether or not you want to consider extensions for third

parties.

Businesses that need more.

Some businesses, due to their real or perceived level of

risk, will be more difficult to organize a policy for.

Examples of types of businesses that are included in this

category are adult content sites, application development,

credit card processing sites, government and medical

professions with a large number of records, online retailers

with a large online presence and restaurant franchises.

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BUT

I ALREADY

HAVE

INSURANCE

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I have public liability insurance.

Doesn’t it cover cyber crime?

Yes and no.

While there are certainly some business insurance policies

that cover cyber-related instances, there are also many that

don’t.

Even with a cyber liability endorsement to a liability

policy, you will never get the same limits that you would

with a standalone Cyber policy.

Typically, the endorsements have an aggregate limit of

$50,000 which will vanish very quickly leaving you to foot

the rest of the bill.

Also, the extension endorsements often do not include

first party cover - basically you may not be covered for PR

/ Media relations cost, forensic investigation and incidents

covered by multimedia cover or social engineering cover.

My financial officer organises

our insurance. What’s there to

be concerned about?

While financial officers play a very important and

necessary role in a company, it’s worth keeping in mind

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that their performance may be measured in terms of

saving money.

As a result, they may opt for the cheaper insurance policy

that doesn’t adequately cover your business against cyber

risks in order to meet their cost objectives.

As the director, you could be the one held accountable in

case of a data breach and subsequent lawsuit. Because of

this, you are going to want to make sure you are covered

for events like a cyber breach.

My IT people say my system is

rock solid. Is there any reason

to worry?

While they may truly believe that’s the case (in which

case, get their word in writing so that they will accept

responsibility in the event of a breach), the fact of the

matter is that no system, no matter how secure, is immune

to breaches or vulnerabilities.

You also might want to review your agreement with your

IT service providers and see what happens in case of a

breach.

It’s a good idea to have clarity in your contract and find

out exactly what would happen were your system to be

exploited.

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GETTING

CYBER

PROTECTED

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How do I get a cyber insurance

quote?

Our process for getting you a quote has been streamlined

and is made very easy.

For most small businesses, getting a quote can be started

here with our online quote request.

We genuinely believe it’s one of the most important covers

a business can have and we are on a mission to bring

awareness of those risks, and how Cyber Policy can solve

them to every business we can.

Because not every business is the same, we will have a

necessary conversation where we find out more about your

operation, your risks and verify any additional information

an insurer will ask to provide the quote. Then we’ll take it

from there and present you with a proposal, approved by

one of our highly rated insurers.

Please contact us at 0456 456 085.

Which product is right for me?

With the influx of new products on the Australian market,

it can be difficult to know which one is the right fit for your

business.

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This is a situation where having an experienced insurance

broker can pay off.

Once we get an adequate understanding of your business’s

particular cyber risks, needs, and goals, we will work hard

to match your requirements with the right product and

insurer.

We will be your guide in the confusing (and new) world of

Cyber Liability Insurance.

READY FOR A

QUOTE?

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Conclusion

At the end of the day, there are numerous high-cost risks

being posed to nearly every business in the world by cyber

attackers. Your business could potentially be facing huge

issues with data breaches and system attacks.

No system can be 100% protected from these kinds of risks,

and no business can spend all of their time monitoring

their computers and data to make sure everything is fine.

It makes much more sense to simply take out a cyber

insurance policy so that, if such a breach or cyber event

were to happen, you know your business would not be

financially culpable for the damages.

Contact us today, and we will show you your options and

set you up with the right policy for your business. We

will make sure that you have a peace of mind that your

business is protected in the event of a cyber attack.

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About The Author

John Catibog is the director of

Indagard Insurance Services. He

has a degree in Computer Science

with Deakin University and is an

experienced insurance broker with

in-depth knowledge of today’s

insurance marketplace.

Phone: 0456 456 085

hello@indagard.com.au

www.indagard.com.au

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Have you ever wondered if you’re getting the best insurance

cover for you at the best price? Or felt that your insurance broker

shouldn’t take that long to respond to your email?

As a business owner, you’re constantly juggling, every single day.

Staff to manage, marketing strategies to implement and financials

to deal with are just some of the balls in the air.

Business insurance is an essential part of your business’ financial

stability but getting different quotes, comparing prices, researching

the covers is time consuming.

Let us free up your time so you can focus on running your

business.

Indagard Insurance Services

www.indagard.com.au

Call: 0456 456 085

Email: hello@indagard.com.au

Write: PO Box 155

Flemington Vic 3031


INDAGARD INSURANCE SERVICES

References

The Office of the Australian Information Commissioner (2018),

Notifiable Data Breaches scheme, https://www.oaic.gov.au/privacy-law/

privacy-act/notifiable-data-breaches-scheme

Ponemon Institute (2017), 2017 Ponemon Cost of Data Breach Study,

https://www.ibm.com/security/au/en/data-breach/

Rapid7, Common Types of Cybersecurity Attacks, https://www.rapid7.

com/fundamentals/types-of-attacks/

Stay Smart Online (2018), Security Awareness Implementation Guide,

https://www.staysmartonline.gov.au/get-involved/guides/securityawareness-implementation-guide

Simpson, K. (2017), Top 10 Tips for Data Theft Prevention, Inc., https://

www.inc.com/thehartford/10-data-theft-prevention-tips.html

Dual Australia (2014), DUAL CLAIMS EXAMPLES - CYBER &

PRIVACY PROTECTION, http://www.athoc.com.au/news-and-info/

athoc-content/uploads/2014/10/Dual-Cyber-Privacy-Protection-

Claims-Examples-03-14.pdf

Birkett, R. (2018), Business Law Breakfast on Privacy, Aitken Partners,

Lecture 7 March 2018

Joseph, M. (2018), Austbrokers Cyber Pro, Austbrokers Cyber Pro Pty

Ltd, Lecture 22 March 2018

A CYBER INSURANCE GUIDE - PAGE 43

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