Indagard Insurance Services Guide to Cyber Risk and Insurance
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.
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.
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INDAGARD INSURANCE SERVICES<br />
that their performance may be measured in terms of<br />
saving money.<br />
As a result, they may opt for the cheaper insurance policy<br />
that doesn’t adequately cover your business against cyber<br />
risks in order <strong>to</strong> meet their cost objectives.<br />
As the direc<strong>to</strong>r, you could be the one held accountable in<br />
case of a data breach <strong>and</strong> subsequent lawsuit. Because of<br />
this, you are going <strong>to</strong> want <strong>to</strong> make sure you are covered<br />
for events like a cyber breach.<br />
My IT people say my system is<br />
rock solid. Is there any reason<br />
<strong>to</strong> worry?<br />
While they may truly believe that’s the case (in which<br />
case, get their word in writing so that they will accept<br />
responsibility in the event of a breach), the fact of the<br />
matter is that no system, no matter how secure, is immune<br />
<strong>to</strong> breaches or vulnerabilities.<br />
You also might want <strong>to</strong> review your agreement with your<br />
IT service providers <strong>and</strong> see what happens in case of a<br />
breach.<br />
It’s a good idea <strong>to</strong> have clarity in your contract <strong>and</strong> find<br />
out exactly what would happen were your system <strong>to</strong> be<br />
exploited.<br />
A CYBER INSURANCE GUIDE - PAGE 36
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