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What cost to me after a Cyber attack?

Business Insurance Business Interruption Insurance Business Insurance Cyber Insurance

What cost to me after a Cyber attack?

It does very much depend on the type of attack that has been made on your systems or Web site. However, below are examples of some of the areas you will spend money. How much? How long is a piece of string?

Have you budgeted for the following Expenses in managing your Cyber Risk?

Payment of a ransom? (Maybe a cheaper solution to get your system back temporarily)
data recovery and data rebuilding (IT consultants and data recovery contractors),
Loss of reputation on the business (You will need Crisis Managers, Public Relation consultants, Staff communications, clients and other stakeholders, marketing and advertising),
Various Accountants and consultants' fees needed to measure and prove the loss
Managing the recovery - particularly to mitigate breach of privacy or confidentiality of client information and informing all of them who are affected by a breach how you are dealing with it (mandatory breach reporting requirements)
Lost Sales due to this Business Interruption (particularly when ability to generate online sales has been affected),
additional costs incurred to maintain business operations or mitigate sales losses - hiring a more specialist firm to deal more quickly with being off air

Cover these expenses with a Cyber Risk Insurance policy. Ask us how?

risk cyber attack

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

CPR Insurance Services, ABN 51 146 841 287, AFSL 238433