The following is an opinion article written by Peter Bailey, general manager, Aura Information Security. The views expressed within the article are not necessarily those of Insurance Business. With digital technology now a critical part of modern business, keeping systems and data safe has become a board-level issue. Where once responsibility would have been delegated […]
Shareholder class action lawsuits could soon make their presence felt in the cyber insurance market, an expert has said. According to Bloomberg, tech giant Yahoo last month reached an $80 million settlement with investors over claims that executives concealed data breaches following an attack thought to have shaved US$350 million off the valuation of the […]
In the short time since the late February rollout of Australia’s mandatory breach notification scheme, the privacy commissioner has already been notified of 31 breaches, an Aon expert has said. Fergus Brooks, cyber risk practice leader at Aon Australia, said that statistics released by the privacy commissioner last week highlight the impact mandatory breach notification […]
The rise in cyber attacks is forcing companies to rethink their approach to risk management, according to a new report from Marsh & McLennan Companies’ Global Risk Centre and education and development organization WomenCorporateDirectors (WCD). “With increasing threats of attack on their data and systems, boards are demanding much more information about their organizations’ risks […]
Can your business afford to be without insurance for Breach Notification costs? Arranging cover is not as daunting, or as expensive as it may seem. Contact us to discuss. Australia is one of the strictest countries in the Asia-Pacific region when it comes to data breach penalties, a new report has found. The Data Risk […]
One in three Australian adults fell victim to some form of cybercrime last year, costing the economy $2.3 billion. Research released in Norton by Symantec’s Cyber Security Insights Report shows more than six million people fell victim to identify theft, credit fraud or had their passwords compromised. READ MORE: All the people who knew about […]
Since the inception of our Blogging section of our website, articles regarding Cyber Crime, Cyber Liability, ‘Cyber anything’ have been a constant. We have gone to great lengths to write and forward information to our existing or prospective clients about the emerging peril of Cyber Crime and its potentially catastrophic effect on society. We […]
If you would like to discuss Cyber insurance, please contact us via our Cyber Insurance page. Advances in technology are great, but the downside is that when you use technology, you are leaving yourself open to all kinds of cyber crime and security threats. Among those threats is the risk of ransomware, which the ACCC has […]
Mandatory data breach legislation comes into effect February and has already put a rocket under the local market in cyber security insurance as well as supporting legal services. Earlier this year, the Insurance Council of Australia said the local cyber insurance market had been growing more quickly than any other commercial risk market. “Cyber-insurance is recognised […]
Cyber Liability & Cyber Crime – more valuable than we realise? For any insurance customer, particularly business owners, there is a proliferation of articles to consume about the urgent necessity to protect your business against the growing criminal epidemic that is cyber-crime. For any individual, it is difficult to know where to start. Questions one […]
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