Cyber Insurance – Do I really need it?
Cyber Security is a very real threat to businesses in New Zealand these days. Here we look at Cyber Insurance, what it is, what the laws are and why you need it.
Why do you need Cyber Insurance?
Cyber attacks on businesses in New Zealand are increasing in both sophistication and frequency. High profile companies like Air New Zealand partner Travelex, Fisher & Paykel Appliances, Toll Group, Garmin, Canon, Honda, BlueScope Steel, Lion, transport giant Toll Group, Twitter, MetService and most recently even the NZX, are just some of the organisations to have been targeted by cyber criminals. However it is not just the big companies, many small businesses are also being targeted. It really is a matter of ‘when not if’.
What is cyber insurance?
Cyber insurance is designed to fill the gap that traditional insurance policies don’t cover, minimising the impact of cyber incidents by providing cover for your own loss and third party costs. It provides your business with a structured crisis response plan and assists with returning to ‘business as usual’.
1.Won’t my general liability policy cover cyber liability?
General liability insurance covers bodily injuries and property damage resulting from your products, services or operations. Cyber insurance is often excluded from a general liability policy.
It pays to check your current policies and ask questions. You may find that your other business cover won’t respond to a cyber or data breach claim.
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