Cyber & Privacy Protection
Companies in nearly every industry face the threat of data theft, network interruptions, and privacy violations. It’s a threat Lockton understands. And we can help you manage it.
Technology and business are fundamentally linked. The reliance on technology in a rapidly evolving cyber environment presents a challenging risk for companies to define, quantify and control.
Increasing demands for accessibility require sophisticated protection of network computer systems. Maintaining a high level of functionality to meet this requirement sharpens the focus on security, data protection, employee behaviour and crisis mitigation plans that need to be clearly documented and rigorously tested.
With the ongoing evolution of hacking, cyber risk and related security and privacy breaches no longer limited to geographical borders, big business and advanced cyber criminals. Everyone is at risk of a harmful cyber attack.
Specialist advice and guidance is essential when making early decisions and implementing plans to mitigate the impact. Crisis management and legal support is essential.
Typical Breach Events
Events arising from innocent administrative and procedural mistakes, malicious employee acts or criminal activities of hackers are becoming more common. These cost companies time, resources, reputation and income. Some typical breach events include;
- Loss of a laptop, tablet or other mobile device.
- Failure to securely dispose of paper records.
- Accidental acts releasing private information.
- Malicious activities of employees.
- Malware used to scrape customer credit card details.
- Hacking attacks to access sensitive information.
If your business has any of the following exposures you will needs resilient risk management systems and responsive insurance cover.
- Mobile workforce with laptops, tablets and phones storing sensitive data on them;
- Collection, storage, and transaction with customer credit card information;
- Collection, storage, and use of Personally Identifiable Information;
- Critical supplier dependency with computer based systems required to operate and deliver products and services;
- Presence of any intellectual property e.g. patent and trademarks.
The cyber insurance market continues to evolve and develop new products to protected you against the rapidly changing triggers of loss.
- Liability to third parties for privacy breaches;
- Liability to regulators for privacy breaches;
- Liability to third parties for computer system security breaches; and
- Cover for the costs incurred to investigate and respond to a breach event. For example forensic investigation costs, costs to notify affected individuals, and costs to provide credit monitoring.
We arrange Cyber Security and Privacy Protection coverage for our client’s that is specifically designed to match the rapidly expanding scope of events, ensuring the broadest scope of first and third-party cover for breaches of security and privacy. This provides a higher level of certainty that many of the gaps between existing risk controls and traditional insurance policies are eliminated.
Please contact us to discuss how we can develop a robust Cyber & Privacy Protection policy tailored to your requirements.
+61 433 337 922