cyber erisks policy are your clients adequately insured...
TRANSCRIPT
On the 12th March 2014 the new Australian Privacy Principles (APPs), the amendments to the Privacy Act and fines of $1.8 million for agencies and companies and $360,000 for individuals for serious or repeated invasions of privacy (i.e. for breaches of the APPs/Privacy Act) came into effect.
On 13th February 2017 the Privacy Amendment (Notifiable Data Breaches) Bill 2016, which establishes a mandatory data breach notification scheme in Australia was passed by the Australian Senate. This Bill will become law from the 22nd February 2018.
Our Cyber eRisks Policy is designed to cover privacy, and other network security exposures to provide peace of mind. Whether it is personal client or employee information, there are increasing expectations that this information is secure. The list of regulations and statutes regarding the use and protection of this information, and notification in the event of a breach,continues to expand. In the event of a breach, once the notifications have been made, the regulators and lawyers are likely to come knocking.
Level 9, 140 Arthur StreetNorth Sydney, NSW 2060, Australia
T 02 8912 6416 | M 0432 287 107
Cyber eRisks Policy
ARE YOUR CLIENTS
ADEQUATELY INSURED?
DON’T LEAVE THEM EXPOSED.
W A R N I N G ! N E W P R I V A C Y L A W S A R E H E R E
For Further information call us on (02) 8912 6400 or email: [email protected] or visit the website at www.lauw.com.au
FLEXIBLE BREACHRESPONSE PROCESS
24H EMERGENCY RESPONSE HOTLINE
6 AVAILABLE INSURINGCLAUSES
REPUTATIONAL DAMAGECOVERAGE
WORLDWIDE NETWORKOF PRIVACY LAWYERS
WHY LAUW?
` Flexible coverage with seven insuring clauses, our policy can be tailored to meet a clients’ needs.
` Flexible breach response process. Our policy doesn’t mandate how you must respond to an event.
` Worldwide network of privacy lawyers and technical specialists giving you peace of mind that expert support is available whenever it’s needed.
` Complementary breach response services, including access to a top tier pre vetted incident response team.
` Superior claims service. Free 24h emergency telephone helpline in the event of a security or privacy breach - 1800 BREACH (273224).
` Excellent client service. LAUW strives to provide the best insurance product and the best client experience.
` Financial stability. Lloyd’s of London capacity, which carries an A.M. Best rating of A (Excellent).
POLICY HIGHLIGHTS
` Coverage for both the first-party costs and third-party liabilities arising from a data breach or security breach event.
` Provides up to full limit for forensics costs incurred in the defence of a covered claim.
` Provides up to full limit for public relations expenses following a security breach or breach of privacy regulations.
` Provides cover for voluntary notification to clients of a breach of their Personal Information in accordance with the OAIC’s ‘Data Breach Notification’ guide.
` No hourly loss limit for Business Interuption and calculated based on prior 12 months net income and takes into account future loss of income.
` Coverage for corruption, destruction or damage to data caused by natural disasters.
` Coverage for data recovery and loss of business income sustained at the insured premisis or external backup data centre or storage facilities.
` Provides full limits for credit or identity protection costs.
` Provides coverage for privacy fines and penalties (where insurable) with no co-insurance excess.
CAPACITY $10M
WORLDWIDE COVERAGE
COVERAGE PROVIDEDFOR BROAD RANGE OF
INDUSTRIES
SHORT FORMAPPLICATION PROCESS
FOR SME’S
RISK APPETITE INCLUDES
E-commerceFinancial services
Professional servicesEducationHealthcare
Legal servicesTelecommunications
Insurance brokers & agentsMany others….
For Further information call us on (02) 8912 6400 or email: [email protected] or visit the website at www.lauw.com.au