Scenario
A malicious actor pretending to be tech support gained access to a business's computer systems. This enabled them to pose as an insider, and gaining access to highly restricted information including customer trade secrets, bank details and other sensitive personal information. The hacker threatened to sell trade secrets to competitors and banking details on the black market, and make sensitive personal information public - unless the insured paid.
Solution
The Insurance policy covered key response costs including: IT forensics, crisis management and public relations, notification costs, credit and identity monitoring and pursuit costs against the perpetrator. It also covered mandatory data breach notifications, including notice to regulators because of the business' failure to keep information secure. Defence and settlement costs for third party claims were also covered.
Scenario
The CFO received a fraudulent email from the CEO, whose e-mail account had been compromised due to a Cyber Event, requesting the transfer of a large sum of money. The email convinced the CFO to transfer money to a third party bank account. Later its determined that the email was not authored by the CEO, but it’s too late for the bank to stop the transfer.
Solution
The insurance cover provided a level of cover for forensic investigation of the crime as well as response costs to remove the threat and secure the e-mail system. With Cyber Theft coverage applicable, the direct financial loss the insured suffered was also covered as well.
Scenario
A marketing firm’s phone system gets hacked. The hacker creates a mailbox to route calls overseas. The unauthorised international calls result in thousands of dollars in call charges.
Solution
The policy covers the cost to investigate and remove the threat to the firm’s telephone system. Our optional Cyber Theft and Telephone Phreaking Cover pays the direct financial loss to the insured.
Scenario
Daniel received an email on his computer allegedly from a popular social media platform stating he needed to verify his account by clicking on the provided link. Daniel clicked on the link, and a couple of days later he was unable to log in to his social media accounts. As it turns out, Daniel had downloaded malware onto his computer that allowed a cybercriminal to steal Daniels’ personal information and identity
Solution
Provides cover for cyber event response costs to remove the virus, restore data, and secure the home IT. The policy provides identity theft response costs to help the policyholder reestablish their identity and essential records. If Daniel had to take time off work to rectify his personal records and lost wages as a result, he could be entitled to wage replacement benefits as part of his claim.
Scenario
Protect your belongings and liability as a renter. Our policies cover theft, fire, water damage, and more. We can help you find the best coverage for your rental property.
Solution
Provides cover for cyber event response costs to remove the virus, restore data, and secure the home IT. An IT expert who specialises in ransomware attacks will be appointed to remove the malware and get Sarah’s computer operational again.
Scenario
Jess just started high school. Within the first few weeks, she became a victim of online bullying. It started out as a few comments, however quickly escalated to repeated harsh and vile comments on all of her social media profiles. The online bullying had a significant impact on Jess and led to her not wanting to go to school and a deterioration in her grades.
Solution
Provides cover for a policyholder and their spouse to attend critical guidance sessions if their child is subjected to cyber bullying. In this case, these sessions would help Jess’s family work through this ordeal and better deal with any future instances of cyberbullying. The policy will also cover the costs of a forensic IT investigator to assist you. The policy would also provide a wage replacement benefit if the parents have to take unpaid time off work to attend guidance sessions or to meet with the school or other authorities to deal with the incident.
Cyber Insurance Advisors is a referrer and are neither authorised nor licensed to provide insurance advice or insurance products. We do not recommend any specific financial products and we do not offer any form of insurance or other financial advice. All product enquiries and requests for financial and/or other advice on this website are referred to BizCover ABN 68 127 707 975 AFSL 501769 or AB Phillips Pty Ltd AFSL #234457 ABN 91 007 075 934 depending on how your insurance cover was arranged. Cyber Insurance Advisors may receive a fee or commission in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, tailored advice should be obtained as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs.
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