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WHAT IS CYBER INSURANCE

Cyber insurance is used to protect businesses from internet-based risks. These types of risk are generally excluded from general liability policies or at least do not offer a detailed enough coverage. No business is safe from cyber-attacks in today’s digital world as cyber criminals have become far more sophisticated using crafty tactics such as phishing to steal money, phreaking and social engineering fraud.


The number of claims against businesses relating to cybercrime have seen a dramatic increase. 1 in 2 Australian small and medium businesses receive payments online.It remains a major priority for Australian business owners to protect their organization against cybercrime and the devastating costs. The average cost of a cyber-attack for a business is $276,323 and continues to be a large priority for international cyber criminals.

WHAT DOES CYBER CRIME
INSURANCE COVER?

A typical Cyber Liability and Privacy Protection Policy will provide cover for:

  •  Fines and penalties incurred as a result of a Cyber event or a breach of Privacy.
  •  First & Third Party costs and expenses as a result of a Cyber event or a breach of Privacy.
  •  Business Interruption as a result of a Cyber event or a breach of Privacy
  • Consequential Loss as a result of a Cyber event or a breach of Privacy.

HOW CAN FIRST NATIONS INSURANCE HELP
YOU TO REDUCE CYBER RISKS?

Establishing processes to ensure any changes to client or supplier information such as bank account details are only acceptable either in person or with verbal verification.

  • Establishing regular privacy training to ensure all employees understand personal information handling procedures.
  • Scheduled &  regular data back-ups
  • Ensure your Malware & Antivirus protection is up to date.
  • Establishing and maintaining a Cyber Attack Response Plan
  • Establishing a company protocol to have planned changes passwords and monitor strength of passwords
  • Establishing and maintaining a Cyber Security Policy
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© 2021, F.N.I.G All Rights Reserved by First Nation Insurance Group
First Nations Insurance Group Pty Ltd A.B.N 77 653 455 979 CAR 1293124 a corporate authorised representative of Australian Broker Network Pty Ltd AFSL 253131

Terms, conditions, limits and

exclusions apply to any products referred to in our website. The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these, having regard to the appropriateness of this advice, and the relevant Product Disclosure Statement, available by calling us on 1300 178 628 before deciding to acquire, or to continue to hold, any products.

© 2021, First Nations Insurance Group All Rights Reserved by First Nation Insurance Group
First Nations Insurance Group Pty Ltd A.B.N 77 653 455 979 CAR 1293124 a corporate authorised representative of Australian Broker Network Pty Ltd AFSL 253131

Terms, conditions, limits and exclusions apply to any products referred to in our website. The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these, having regard to the appropriateness of this advice, and the relevant Product Disclosure Statement, available by calling us on 1300 178 628 before deciding to acquire, or to continue to hold, any products.

Our Company

Insurances

© 2021, F.N.I.G All Rights Reserved by First Nation Insurance Group
First Nations Insurance Group Pty Ltd A.B.N 77 653 455 979 CAR 1293124 a corporate authorised representative of Australian Broker Network Pty Ltd AFSL 253131

Terms, conditions, limits and exclusions apply to any products referred to in our website. The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these, having regard to the appropriateness of this advice, and the relevant Product Disclosure Statement, available by calling us on 1300 178 628 before deciding to acquire, or to continue to hold, any products.

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