Insure Against Cyber Risk

In our continuing series on Cyber Risk, we thought it would be interesting to see what the potential cyber risk is with the new Australian Privacy Principles and its implications for small business.

Are we prepared

90 % of private companies don’t have insurance against cyber risk,  that’s one of the findings in Chubb 2013 Private Company Risk Survey. That means the uninsured companies will have to foot the bill if the are found liable for loss as a result of cyber crime, or data breach.

So if your cloud computing company is breached you may find your self ultimately liable for the loss of data .

Australian Privacy Principles

The National Privacy Princibles (NPP) will be replaced by the Australian Privacy Principles (APPs) on 12 March 2014 the change includes civil penalty regime for breaches of privacy. Click here for a copy of the privacy fact sheet

APP Privacy principle  8—cross-border disclosure of personal information, will require your clients information held on servers in countries is at least substantially similar to the way in which the Australian Privacy Principles protect the information.

Where is your data held? And how does your cloud company protect it?

You could simply call Salesforce, Google, Jive Software, Demandware or Xero and ask which country your data is stored in or backed up in, as long as that country meets the similar privacy standard to Australia your fine.

Steps that may help your company

  • Develop an Incident Response Plan (IRP)
  • Encrypt Portable devices
  • Assess cloud services providers’ data security
  • Get Cyber Liability Insurance

If you are still unsure, speak to a specialist, get them to review your potential risks and possible mitigation.

Steve Sloan
steve-sloan-insure247

Steve is a licensed insurance broker and marketer. He is an internet insurance pioneer in Australia.

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Any advice that may have been given is general advice only, please be aware that we have not taken into consideration your needs, objectives or financial requirements. Before deciding to purchase a financial product you should consider the appropriate Product Disclosure Statement to ensure the product is suitable for your needs.

First Published on GreatChoice

Google protecting the world's news from digital attack

Google Project Shield

Google in it’s daily blog has outlined what it see’s as a risk for Independent News Services – DDoS attacks are often used to attempt to censor news, human rights, and elections monitoring sites, and to bring down many other types of sites. Sites that are not using a content delivery network (CDN) or a major hosting provider often do not have the capacity to defend against these attacks.

 

The web is an increasingly critical tool for news organizations, allowing them to communicate faster, research more easily, and disseminate their work to a global audience. Often it’s the primary distribution channel for critical, investigative work that shines a light into the darkest corners of society and the economy—the kind of reporting that exposes wrongdoing, causes upset and brings about change.

Denial of service (DDoS) attack

Unfortunately there are some out there who want to prevent this kind of reporting—to silence journalism when it’s needed most. A simple, inexpensive distributed denial of service (DDoS) attack can be carried out by almost anyone with access to a computer—and take a site completely offline before its owners even know they’ve been attacked.

These attacks threaten free expression and access to information—two of Google’s core values. So a few years ago we created Project Shield, an effort that uses Google’s security infrastructure to detect and filter attacks on news and human rights websites. Now we’re expanding Project Shield beyond our trusted testers, and opening it up to all the world’s news sites to protect them from DDoS attacks and eliminate DDoS as a form of censorship.

Read More

Source Google

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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