Insider and Privilege Misuse

Cyber Claim Scenario – Insider and Privilege Misuse

An Australian logistics/freight forwarding and warehousing, with a 30M turnover, had a disgruntled ex subcontractor who hacked the company’s network multiple times with the intention of disrupting business operations.  As a result of the attacks, the Insured’s network was down for 21 days.

As the company was insured, the insurer use the services of a cyber loss adjustor, who was appointed to locate and rectify the main cause of the disruption and to facilitate the restoration of the entire network.

Have your company got a spare $280,000?

The claim resulted  in a payments of $280,000 made up of $110,000 in Defence Costs and $170,000 paid out in relation to IT expenses and lost income for the time the network was down.

Can you insurer against a Insider and Privilege Misuse Loss?

Some insurers offer Cyber Insurance to cover Insider and Privilege Misuse.

However it’s not a in all policies, if your unsure speak to one of Insure 247’s brokers on 1300 046 787

Source: Dual

 

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Cyber Claim Scenario – Denial of Service Attack

Cyber Claim Scenario – Denial of Service Attack (DoS attack)

In January 2012, Australia’s second-biggest online broking business, ANZ Bank’s ETrade, was forced to shut down over the New Year period by a denial of service attack launched from overseas. Following the attack, access to the site was unavailable for some customers for nearly two weeks

Former Woodside Petroleum CEO Don Voelte warned in 2011 that cyber attacks were a major concern and that the company had been attacked “from everywhere”, particularly Eastern Europe, Russia and China.

Cyber Insurance

What is a Denial of Service Attack?

A denial of service (DoS) attack is an incident in which a user or organization is deprived of the services of a resource they would normally expect to have. In a distributed denial-of-service, large numbers of compromised systems (sometimes called a botnet) attack a single target.

Although a DoS attack does not usually result in the theft of information or other security loss, it can cost the target person or company a great deal of time and money.

Typically, the loss of service is the inability of a particular network service, such as e-mail, to be available or the temporary loss of all network connectivity and services.

A denial of service attack can also destroy programming and files in affected computer systems.

In some cases, DoS attacks have forced Web sites accessed by millions of people to temporarily cease operation.

Can you insurer against a Denial of Service Attack?

Some insurers offer Cyber Insurance to cover Denial of Service Attack.

However it’s not a in all policies, if your unsure speak to one of Insure 247’s brokers on 1300 046 787

Source AIG

 

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Cyber Claim Scenario – Brand Protection

Cyber Claim Scenario – Brand Protection

(First Party Claim)

Brand Protection Example Claim

A leading software provider breached its obligations to Australian customers when hackers broke into its systems in 2013 and made off with loosely encrypted passwords and credit card details. The Australian Privacy Commissioner investigated the issue and ruled the company failed to take ‘reasonable steps’ to protect the personal information of 1.7 million Australians to the level demanded by domestic privacy legislation.

RESULT

The company engaged the services of a public relations consultancy firm to limit the brand/reputation damage associated with the findings.

CGU SOLUTION

CGU Cyber Defence provides coverage for the costs associated with regulatory privacy investigations and costs to engage a public relations firm to protect the company brand.

Source CGU

Speak to one of Insure 247’s brokers on 1300 046 787

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Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Cyber Claim Scenario – Extortion

Cyber Claim Scenario – Extortion

(First Party)

EXAMPLE

A small accounting firm’s client records were locked by ransom software. The company was only able to get files released after paying a ransom of $50,000 to hackers.

RESULT

The firm contacted law enforcement and working with law enforcement, determined the payment should be made.

• $150,000 was paid for business interruption loss, the ransom demand ($50,000) plus consultants costs to advise on handling and negotiating the ransom, and the costs to restore the network as the hackers refused to release the files despite the ransom payment.

CGU SOLUTION

CGU Cyber Defence provides coverage for the payment of extortion monies and costs involved in negotiating, mediating and crisis managing to end the security threat.

 

Source CGU

Speak to one of Insure 247’s brokers on 1300 046 787

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Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Cyber Claim Scenario – Hacker Attack

Cyber Claim Scenario – Hacker Attack

(First Party Claim)

Cyber Insurer CGU has provided this claims scenario and how there cyber insurance responds to the scenario

EXAMPLE

A transport company discovered its servers had been infiltrated by an unidentified third party, allowing the third party to access files. This included accessing personal identifiable information including credit card information.

Unauthorised and fraudulent transactions were made on the transport company’s customers’ accounts in multiple states and countries.

RESULT

The transport company was required to notify all affected customers, their personal information had been compromised and offered affected individuals credit monitoring services. The transport company was also concerned about the possible reputational damage they could suffer, so a public relations expert was brought in to assist.

The breach resulted in costs and expenses of approximately $100,000 to identify the affected individuals, notify them, set up a call centre and respond to customer enquiries.

Another $150,000 was incurred in legal costs and expenses to determine reporting requirements and respond to regulatory investigations into the privacy breach. In addition $29,000 was spent on IT forensics costs incurred to restore the data and stop the breach, and a business income loss of $250,000 was also suffered – totalling $529,000.

CGU SOLUTION

CGU Cyber Defence provides coverage for all elements of the loss including customer notification costs, establishment of call centre for customer support, credit monitoring expenses, brand and business interruption loss.

CGU Cyber Defence

Speak to one of Insure 247’s brokers on 1300 046 787

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Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Cyber Claim Scenario – Employee Error

Cyber Insurance Claim Scenario – Employee Error

(First Party & Third Party Claim)

Cyber Insurer CGU has provided this claims scenario and how there cyber insurance responds to the scenario

 

EXAMPLE

A retailer emailed a group of customers to promote a sale with special discounts available to them. The retailer intended to attach a copy of the flyer detailing the discounts but instead attached a copy of a spreadsheet that contained a customer list, including customer names, addresses and credit card information.

RESULT

The retailer was required to notify all affected customers of the error and offered credit monitoring services.

Several of the affected individuals began legal proceedings against the retailer. The notification and credit monitoring costs totalled $50,000, and the amount to settle the legal proceedings with the retailer’s customers combined with the associated legal costs and expenses totalled $100,000.

CGU SOLUTION

CGU Cyber Defence Insurance Policy provides coverage for breach of privacy which includes legal costs, indemnification of third parties and crisis management costs.

Source CGU

Speak to one of Insure 247’s brokers on 1300 046 787

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Please note Cyberliabilitycomparison.com.au Insurance News is an information service sometimes provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Compare Australian Cyber Insurers

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs