Cyber Risks and Insurance

The Importance of A quality Cyber Insurance Policy and Response Program

This article is from Various Projects for Misc Industries

A message from McCormick Harris' Managing Director, Tony McCormick:

"The recent Cyber Attacks on the Australian Government Offices and Business is yet another reminder of how financially devastating these matters can be.

Many of these are not specifically targeting businesses, just mass attempts to get in to computer systems.

In March this year, we had a very small Cyber Incursion, by way of Business Email Compromise.

Quickly found and having our IT Managed Service Provider, working in partnership with our Insurer’s Cyber Security Firm, the problem was fixed very promptly.

As at yesterday we have costs of $56,632.13 and we still have some more costs to come.

All paid by our Insurer.  A quality Cyber Insurance Policy and Response Program.  The word quality is very important here.

The costs from our IT MSP (like many others, these costs are not covered in our regular Agreement), Cyber Security Firm, Specialist Vendor to establish and report on what the attackers looked at, notification to the OAIC (Office of the Australian Information Commissioner ) and we are still to finalise the last two aspects before this will be complete.

This was a very small attack but as you can see, costs have added up quickly and it will probably be four to five months of time to put this behind us.

As the Manager of our Cyber Insurance Placement Team said yesterday, “Scary times mate, any client that doesn’t have cyber insurance is risking their livelihood now!”

Please put in place as a matter of urgency, a high quality Cyber Insurance Policy/Program, that includes a very prompt, proven and effective Cyber Response arrangement."

Please download the cyber advisory presentation and cyber questionnaire via the link below. 

For more information please contact Tony and his team:

Cyber Risks and Insurance

Related Attachments

June 23rd, 2020

acp-mhi-cyber-questionnaire.pdf ( 61.15 KB )

June 23rd, 2020

mhi-cyber-advisory-document-june-20-2020.pdf ( 100.05 KB )

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