Cyber breaches on the rise

Cyber breaches are on the rise in Australia and the news media has reported on the large number of Australians falling victim to online scammers.

In tough times like these, businesses need to be adequately insured to protect themselves against hackers and scam emails.

London Australia Underwriting is delighted to release its highly anticipated new and enhanced cyber product.

Key features are:
•    Full limit for forensic costs incurred in defending covered claims
•    Full limit for public relations expenses
•    Full limit for business interruption (BI), with a 365-day restoration period
•    No hourly loss limit for BI
•    BI calculated on prior 12 months’ net income and accounting for future loss of income
•    Telephone phreaking covered
•    Optional cover for full cyber crime, including social engineering (impersonation fraud)
•    Post-breach remediation costs included
•    Mitigation costs included
•    Cover for third party custodians entrusted with clients’ data and personal information
•    Full limit cover for privacy fines and penalties
•    Optional covers for tangible property (bricking) and contingent business interruption (reputational harm).

Read more here.

News Alert September 2020