Cybercrime is New Zealand's third most prevalent crime and costs the country up to $150m per annum. It is estimated this could escalate to half a billion dollars a year.
Regardless of how good your company IT systems are, there is no data protection or IT service that is 100% guaranteed as it's impossible to remove the human risk factor.
A data breach will not only affect your business, it can negatively impact your patients, clients and customers as well.
It just takes someone in your company to open the wrong email. An employee of a well known business did exactly that …read more.
A 2013 study of cyber-claim payouts found that the median claim payout in cyber incidents was $242,500
The global cost of cybercrime is estimated to be between $300 billion to $1 trillion, greater than piracy or drug trafficking
| Property | General Liability |
Crime/Bond/ Fidelity |
Kidnap and Ransom |
Directors & Officers Insurance |
Professional Indemnity |
Cyber Insurance |
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|---|---|---|---|---|---|---|---|---|
First-party cyber risks |
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| Network/business interruption loss | ||||||||
| Cyber-extortion | ||||||||
| Data forensic expenses and costs to restore/recreate | ||||||||
| Crisis management (notification costs/credit monitoring/reputational costs) |
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| Denial of service attack | ||||||||
| Network security (forensic, hacker theft, data recovery) | ||||||||
Third-party cyber risks |
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| Personal information | ||||||||
| Confidential and proprietary business information | ||||||||
| Media liability/social media liability | ||||||||
| Defence costs | ||||||||
| Fines and penalties/investigation | ||||||||
Tangible offering – vendors/access to experts |
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| Public relations support | ||||||||
| Legal support | ||||||||
| Forensic and IT support | ||||||||
| Notification and crisis support | ||||||||
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Cover provided
Cover possible
No coverage
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