If your business is online, you need to protect it with cyber insurance

027 555 2652
Book a 30 minute Consultation
GET A FREE QUOTE
Book a Phone Call with Stewart Hunt

Protect your business against cyber attacks - an increasingly common crime

Cyber insurance protects your liabilities such as loss of reputation and third party claims

Get specialist independent advice on the best cyber security insurance

First Commercial Insurance Brokers works with clients across New Zealand

Cyber risk insurance coverage can limit your liability

Cyber crime is New Zealand’s third most prevalent crime, yet less than 5% of businesses buy cyber insurance.
If you are a business that holds client data or has an IT system central to the operation of your business you have an exposure. It is estimated that in 2020 alone, NZ businesses reported 8,000 cyber events at the cost of over $650 million, a 65% increase in cyber attacks year on year.
Disruption and financial losses resulting from a cyber attack are a major concern for most businesses, yet many still only buy traditional insurance for physical assets and liabilities. It has never been more important for modern digitised businesses to build cyber resilience and consider the business impact in the event that their data or computer systems be compromised.
The chances of a cyber attack have increased significantly as external factors become more technologically advanced and financially driven. Having cyber insurance in addition to traditional types of insurance allows any business to manage their current risks.

Why do I need cyber insurance coverage in New Zealand?

Cyber insurance is designed to protect your business against a number of cyber exposures, from hacking attacks and viruses to privacy breaches and theft of data.
It provides cover for direct costs to your business as well as claims from third parties and also covers expenses associated with defending cyber claims such as legal defence costs.
Cyber insurance cover includes:

Privacy

  • Loss of personal or corporate information (including employee information)
  • Loss of personal information held by service providers such as the Cloud or internet service providers
  • Defence Costs 

Business Interruption

  • Loss of Profits due to a cyber event (with no indemnity period restriction, subject to a time excess of usually 12 hours)

System Damage

  • Costs of retrieving, repairing, restoring or replacing systems, data or hardware
  • Costs of external IT forensic or security consultants
  • Lost, damaged or destroyed IT systems and IT data/records

Computer virus, transmission and hacking

  • Theft or loss of your data (or data you are responsible for)
  • Loss by phishing emails or denial of service attacks 
  • Attacks by employees and third parties
  • Liability arising from hacker attacks or viruses

Cyber Crime

  • Loss of property or money from service providers systems 
  • Crime losses, including loss of money or property
  • Loss caused by a rogue employee or third party

Brand and personal reputation protection

  • Public relations consultancy costs to protect your company brand(s) and the personal reputations of senior executives.

Breach of statutory duties

  • Breach of statutory duty from eCommerce business
  • Defence costs and compensation

Brand and personal reputation protection

  • Protects against libel, slander or defamation
  • Cover for infringement of copyright, trademarks and trade names – all marketing material whether it is digital or print
  • Covers your defence costs and third party’s cost

Extortion

  • Payment of ransom, or costs associated with negotiating or mediating due to an extortion attempt
  • Crises Management Costs 

Privacy Investigations and fines

  • Fines and penalties you incur due to a privacy breach
  • Defence and investigation costs 

Data breach notification and loss mitigation

  • Breach costs – actual or suspected breach of privacy, includes credit monitoring, identify theft monitoring, data restoration and forensic costs 
  • Legal Costs 

General

  • All past, present and future directors, officers and employees
  • Your estate, spouse, heirs and legal representatives 
  • All subsidiaries (both former and new)

Cyber Risk Management

There are some fundamental practices that will improve your security and protect your digital resources. These include:

Comprehensive and tested offline backups

A backup is only useful if it has been proven able to be restored in a timely fashion. Backups need to be stored away from your production systems on a medium that is protected from intrusion.

Multifactor Authentication

Given the insecure nature of passwords, strong identity and authentication validation is a first line of defence against attack

 

Antimalware

Antivirus/antimalware/anti-phishing solutions need to be deployed wherever there is an ingress point on your network. Such a solution should offer a single console for consolidated reporting

Firewalls

Firewalls are a critical device used to enforce policy. They should exist wherever 2 networks interact to ensure that traffic is inspected and validated as being acceptable.

Procedures

In order to operate an IT solution, documented procedures for standard tasks need to be kept and updated regularly. This allows for smooth transition during change and consistency of operation.

Documentation

Full documentation is vital to assist in the understanding of how an IT system is constructed. If a critical event occurs, we generally rely on IT documentation to assist with the restoration of services.

Policies

A good set of policies ensure that security solutions can actually enforce your requirements and that employees, subcontractors and 3 rd parties have an agreed set of rules to abide by. A good resource for policy creation can be found here : https://www.gcsb.govt.nz/publications/the-nz-information-security-manual/

 

With regard to policies, procedures and documentation, a copy of these need to be stored offline and in a physical state such as paper. In the event of say, a ransomware attack, systems are unavailable and access to such documents is also made unavailable, hence the need for offline and paper based systems


Please contact First Commercial Insurance Brokers if you would like to discuss Cyber Insurance & Risk Management for your business.

 

Cyber Insurance FAQs

 

What is Cyber Insurance?
Cyber Insurance is an insurance policy that covers losses resulting from cyber attacks or data breaches.

What does Cyber Insurance cover?
Cyber Insurance typically covers expenses related to data recovery, business interruption, liability for third-party losses, and legal fees.

What is Cyber Liability Insurance?
Cyber Liability Insurance is a type of insurance that provides coverage for liability resulting from cyber attacks or data breaches.

What types of businesses should have Cyber Insurance?
Any business that collects or stores personal or sensitive information online should consider having Cyber Insurance.

What is Data Breach Insurance ?
Data Breach Insurance is a type of Cyber Insurance that provides coverage for losses resulting from a data breach or cyber attack that results in the theft

 

GET A FREE QUOTE

Please complete the form and we’ll be in touch to arrange a consultation.
Please enable JavaScript in your browser to complete this form.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.