Mandatory Data Breach Notification Laws are now in Force!

Is Your Business at Risk?

Protection from data breaches starts with risk transfer and a tailored Cyber Liability Insurance Policy.

Get a Cyber Liability Insurance Quote and tailored advice for Protecting Your Business Today

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Mandatory Data Breach Notification is now Law

 
13th February 2017
 
The Australian Government has passed into law the mandatory reporting of any Data Breach.
 
Whether you're a not-for-profit, private company, family business, publicly listed entity, even Government agency, if you are generating an annual turnover greater than 3 million dollars, you are now accountable.
 
Even if you only suspect that a data breach has occurred but don't actually have proof, you will be required to report it...and the penalties for not reporting are financially serious.
Heavy Penalties for Failing to Report a Data Breach
 
Non-compliance penalties and fines vary from $360,000 to $1.8 million dollars.
 
A Cyber Liability Insurance isn't just about protection from loss of income. It's now about protecting your business from the penalties and fines you may face.

Stop Cyber Criminals From Putting Your Business at Risk

Not many business owners would willingly Chance their Business Reputation. Protect your reputation & business systems against cyber attacks with Cyber Insurance.

Why we're the right choice for Cyber Insurance

Every business is different and that’s why we tailor your policy to suit your business needs.  The reality is that the true value of any insurance policy is only ever tested in the event of a claim. By tailoring your policy exactly for you, nothing get's left to chance.

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Expert Advice

For over 100 years we've protected Australians. You can rest assured we have the knowledge and expertise to handle every aspect of your insurance purchase.

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Price and Coverage

Through our extensive insurance network, you'll enjoy the benefits of low premiums and broad coverage. Safe in the knowledge you are fully covered in the event of a claim.

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 Time Saving

Call us to get a quote for your Cyber Attack insurance and answer only 4 risk specific questions. Call 1300 155 338.

Why Does My Business Need Cyber Insurance?

What does Cyber Insurance Cover?

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Miscellaneous Errors

Errors caused by human accident which undermine the security of your systems.

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Cyber Extortion

Demands for money linked with threats of attack on IT infrastructure, sometimes involving actual attack.

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Crimeware

Credential-stealing malware used to take control of systems.

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Web App Attacks

Hacking into the code of software to take advantage of any vulnerabilities, and circumventing authentication.

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Denial of Service

Another consequence of cyber attacks, the shut-down of networks and systems.

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Insider and Privilege Misuse

Inside-driven malicious use of your IT infrastructure and other resources. May involve collusion with external entities.

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Physical Theft and Loss

Concrete assets linked to your IT systems which go missing through deliberate or accidental acts.

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Cyber Espionage

Access to your network, or your system, either by individuals working for competitor corporations or those linked to foreign states.

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Payment Card Skimmers

Payments skimmed from cards via a device attached to magnetic stripe-reading assets.

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Point of Sale (POS) Intrusions

Sales made using cards, or similar transactions.

Frequently Asked Questions about Cyber Insurance

How much does Cyber Insurance Cost?

Cyber Attack Insurance premiums start from as low as $800 per annum. There are only 5 questions that need to be answered in order to generate an indicative quotation which have been detailed below:

  • Business Name - against which your Cyber Liability quote will be created.
  • Industry – the greater the perceived risk of a particular occupation or industry group the higher the premium will be. The ‘risk’ is based on an insurer’s review of claims data attaching to a particular occupation.
  • Estimated Annual total of Transactions and Records – the higher the combined total of your client/customer database and number of credit card transactions the greater exposure.
  • Annual Aggregate Policy Limit – in simple terms the higher the policy limit, the greater the potential exposure of the insurer and therefore the higher the premium.
  • Estimated Annual Turnover/Revenue – in general terms, the greater the annual turnover the greater the exposure attaches to the risk.

Why do I need Cyber Attack Insurance?

The threat of a cyber-attack to SME’s is increasing exponentially, with 65% of Australian organisations experiencing cybercrime in the last two years and more than 1 in 10 reporting losses over $1 million. A common claim scenario is an employee accidentally clicking on an email appearing to be from the ATO, Australia Post, AGL etc. The email hasn’t been sent by the ATO, Australia Post or AGL but instead is a "cryptolocker attack" with links inside the email delivering malicious code that encrypts all local network data including backup data. This crime involving an attack or threat of attack against the business IT infrastructure is also coupled with a demand for money to stop the attack.

If you’re not convinced you need Cyber Insurance then here are the latest facts:

  • Consumers in Australia lost $1.2 billion to cybercrime in the past year.
  • Ransomware attacks grew 113% globally last year with 24,000 ransomware attacks per day.
  • Australia ranks as 5th highest globally for crypto ransomware.
  • Attacks target businesses with less than 250 employees, with 43% of all attacks targeted at small business in 2015, proving that companies of all sizes are at risk.

From March 2014 privacy legislation introduced penalties of over $300,000 for individuals and $1.7million for companies for breaching privacy legislation. Protect your business and yourself with cyber insurance.

 

How does the claims process work?

After purchasing a Cyber Attack you gain access to global partners that you provide you with immediate support that help you assess, manage and respond to the threat to your business. This triage service can be accessed on a 24/7 basis, increases the speed of claim resolution and minimises impact on you so that you can focus on getting yourself back in business.

Won’t firewalls & anti-virus software protect me?

Many companies believe that their current IT security arrangements are sufficient, but unfortunately it’s not realistic to think that they can lock out all criminals and hackers. Despite the use of firewalls, antivirus/spyware or malware software your IT provider will not guarantee that this will protect your business from any attack.

A lot of companies are also moving towards cloud computing on the assumption that that is a solution total solution, however while this moves the workload to the cloud it doesn’t shift the information security and data liability, which at law remains with the business.

By all means continue to use encryption and passwords, but keep in mind that statistics show that disgruntled or distracted employees are a firm’s biggest threat and that humans are usually the weakest link in the security system.

Based on research from IT security firm ESET, Australia has the third-highest rate of detected ransom ware attacks in the world – even higher than the United States. It’s not a case of if, but when an attack will happen therefore you need to make sure that you are equipped to manage the risk by way of Cyber Insurance policy.

In summary, there needs to be a change in attitude away from viewing cyber security as simply an IT issue to one involving risk management plan that incorporates Cyber Insurance.

Not all insurance providers are the same

FD Beck is an insurance broking firm which means we are dedicated to being your advocate. We act on your behalf 100% of the time, no questions asked. This ensures that you have access to our in-house expertise, claims handling knowledge and know that we are your representative and not a middle man for an insurer.

We are here to:

  • Negotiate with your insurer to ensure we get the best deal available.
  • Tailor your policy to meet your specific needs.
  • Answer any questions you have as part of the policy purchase or throughout the policy period.

About Us

We’ve been trading in Australia for over 100 years. With this experience, we give our customers the assurance that they’re getting the right policy for the right situation. You can rely on our expertise for your times of need.

Beck is an old family name in Australia’s insurance industry. In 1895, the family set up their first venture. This business remained until 1983, when the legacy was taken over by the Pascoe family. Now, brothers Simon and Matthew Pascoe are the driving force behind one of Australia’s most successful family-run companies.

Both Simon and Matthew distinguished themselves in the worldwide insurance industry before taking the helm of FD Beck. Their experience ranges beyond management into insurance underwriting and broking. This means they’re well equipped to understand your needs when it comes to your insurance requirements.

FD Beck belongs to the Steadfast Group, the largest insurance broker network in Australia and New Zealand, and the National Insurance Brokers Association (NIBA), of which the company is a Foundation member. Our ABN No. is 68004455038, and we hold AFS Licence No. 233784.

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Our Directors

Simon Pascoe

Simon Pascoe

Simon has worked solidly in the insurance industry for 20 years. His experience encompasses both brokering & underwriting. Before taking on the mantle of director with FD Beck, Simon managed one of the world’s biggest general insurers for eight years. His experience in structuring insurance programs for large insurance clients, & dealing with some of Australia’s biggest businesses, has given him the skills required to direct clients to their best options with FD Beck.

Matthew Pascoe

Matthew Pascoe

Matthew began his career in insurance in 1998, and has expanded his experience nationally and internationally. In his position as underwriting manager for one of the largest financial risk insurance providers in Australia, Matthew solidified on his skills as a broker and insurer. He then was appointed the position of manager with Lloyds of London Insurance Syndicate, were he grew a dynamic team for two years before successfully transitioning to the role of director at FD Beck.