Malicious cyber activity is on the rise – and every business, particularly those with an online presence, is at risk.
If your organisation handles personal data and/or corporate data, whether it be employee profiles, identity card numbers, credit card information, sensitive demographic information, budget or funding information, or any other third-party data, then you should consider your organisation’s cyber and data protection risk exposures.
In their 2015 survey, CERT Australia, a partner agency in the Australian Cyber Security Centre (ACSC) and the primary point of contact for cyber security issues affecting major Australian businesses, reported that they had responded to 11,733 incidents affecting businesses in 2015-16.
Half of the respondents in the survey reported experiencing at least one cyber incident in the previous 12 months that compromised the confidentiality, integrity or availability of a network’s data or systems. Additionally, the number of ransomware incidents was four times that of 2013.
Changes to Australian privacy laws and the use of cloud computing, social media and corporate bring-your-own-device policies have highlighted the need for insurance protection to address data security breaches and cyber-attacks.
VMIA’s Cyber Liability insurance policy provides cover to an organisation for amounts they are legally liable to pay arising from a breach of data or security failure, and for expenses incurred to investigate, manage reputation, pay extortion demands or restore data following a cyber event.
Due to the nature and breadth of data stored, government and public entities are vulnerable to breaches caused by internal or external sources. All government departments, agencies and Victorian public hospitals that hold a VMIA Public and Products Liability Policy will receive cover for cyber liability up to the policy limit of $4 million for any one claim.
To find out more about the policy and if it is available to your organisation visit vmia.vic.gov.au/cyber