More People are at Risk
Virtually all companies handle data and personal corporate information on a daily basis, whether it be identity card numbers and corresponding profiles of employees, credit card information, sensitive demographic information about customers, information on budgets, customer lists, share prospectus or marketing plans. The same companies face very real liabilities if such data falls into the wrong hands or enters the public domain.
Cyber Breaches in New Zealand that made the headlines
- Ex Telecom staff were reportedly able to access Telecom’s database after they had moved to rival Slingshot, obtaining the personal information and billing details of Telecom customers in an attempt to “win” customers over.
- Waikato DHB reportedly had hundreds of online job applications stolen by hacker.
- ACC reportedly accidently leaked the personal and claim information of 9,000 claimants, which in turn was allegedly “extorted” by the receiver in a bid for monetary gain.
The Cost of Data Breaches
Research has shown that data breach costs tend to be linear; the more records compromised the greater the costs.
Expenses associated with a large data breach include:
- Lost Business
- Fines & Penalties
- Lost Productivity
- Additional Audit & Security Requirements
- System Repair
Cyber Liability Insurance
Sums you become legally obliged to pay for any Third Party financial loss arising directly from a hacking attack or virus that has emanated from or passed through your computer systems or a cloud computing provider’s system.
Sums you become legally obliged to pay arising our of security breach which results in:
- an actual or suspected breach of any personally identifiable information including credit card information or personal healthcare information.
- failure to maintain the confidentiality of any data pertaining to an employee
- breach of any part of your websites privacy statement
- in retrieving, restoring or replacing any of your computer programs and any other data
Provides cover for reimbursement for your reduction in profit during a system outage period as a direct result of a cyber peril.
- Computer Crime
- Identity Theft
- Cyber Threats and Extortion
Multimedia Liability & Advertising Injury