WannaCrypt! – Cyber Attacks and what you can do about it.
From all the coverage of the Wannacrypt ransomware virus that has crippled institutions around the world, these key issues have emerged:
- Is your operating software (Microsoft Windows) fully up to date, with all recent patches loaded and installed? The virus was identified earlier this year, and Microsoft has issued a patch to fix the problem in their software. It is critical that the patch is installed and operating properly.
- Is your anti-virus and anti-malware software operating properly and fully up to date?
- Do your employees know how to identify spam emails? The best anti-virus is no help if a staff member opens a suspect email attachment.
- Do you have sufficient cyber insurance to respond if something does get through and affect your computers? You will need help to unravel the impact of the virus, and you may also need help if your business is closed while this happens.
More than 30% of Australian organisations experienced cybercrime in 2012 and 40%* of all attacks were directed at SME’s.**
Hence a special insurance called Cyber Insurance has been designed to address the current and evolving exposures our clients face from relying on the internet, email, websites, or computer programs and data to store personal information about their clients.
The Cyber Insurance cover includes:
Privacy Protection
- Protection for third party liability in the event of a data breach
- Includes civil penalties and compensatory awards by regulators
Breach Costs
Provides cover for costs associated with responding to a breach of personal information which includes:
- Forensic Investigations
- Notification Costs
- Credit Monitoring Services
- Call Centre Costs
- PR Costs
Cyber Business Interruption (Optional)
- Provides cover for compensation due to lost revenue resulting from a targeted attack
- Simple loss amount of $2,500 per hour
Cyber Liability (Optional)
- Provides cover for third party liability from Insured’s multimedia content online
- Includes alterations and additions made by the hacker
Hacker Damage (Optional)
- Provides cover for costs to restore data, programs and networks as a result of a hack
Cyber Extortion (Optional)
- Provides cover for ransom payments where a hacker holds, or threatens to hold, Insured’s networks or data
- Includes security consultants costs
If you would like a quote or require attrition information on Cyber Insurance, please contact Highview’s insurance expert Michael at Cranbourne on (03) 5990 1000.
Article written by Cranbourne’s insurance expert Michael Stewart.
Sources: *CERT Australia, **Symantec, Wall Street Journal, NIBA, Insurance & Risk magazine, Dual Insurance.