Home > Cyber Insurance Cyber Insurance Brokers Cybercrime is on the rise, how cyber secure are you? Our experts can equip you with protection for your business. Home > Cyber Insurance Cyber Insurance Cybercrime is on the rise, how cyber secure are you? Our experts can equip you with protection for your business. What is Cybercrime ? Some of the most common types of Cybercrime are: Phishing attacks Identity theft Ransomware on malware These can all expose your business to data theft, extortion or even business failure. Cybercrime is becoming one of the biggest risks for businesses to mitigate as cybercriminal groups becoming increasingly sophisticated and organised with streamlined methods for targeting Australians. Cyber scam - have you been hacked? It takes a hacker 4 minutes to access a network through an email attack, business email compromise (BEC). On average it takes 286 days before its detected and 80 days for damage control. In those 286 days what have the hackers seen, stolen or controlled? What potential liability will you incur? Will your business reputation be tarnished or worst still, fatally damaged? It is estimated that one in three Australian adults have been affected by cybercrime. Business email compromise (BEC) is a form of targeted phishing, or spear phishing. Criminals target organisations and employees to scam them out of money or goods or trick them into revealing important business information. BEC continues to present a major threat to Australian businesses, especially as more Australians work remotely. Anyone can fall victim to email compromise. If someone gains access to your account, they can access to sensitive information. How Cyber secure are you? Prevention is your best strategy and the most effective way to protect your business and your clients. Unfortunately no measures are 100% foolproof, what if they fail? Cowden Insurance Brokers can arrange Cyber Insurance that provides cover for your business (first party cover) and losses to others (third party cover): Business interruption loss due to a network security failure or attack, human errors, or programming errors Incident response and investigation costs, supported by a 24/7 incident reporting hotline and on-demand vendors Data loss and restoration including decontamination and recovery Delay, disruption and acceleration costs from a business interruption event Crisis communications and reputational mitigation expenses Liability arising from failure to maintain confidentiality of data Liability arising from unauthorised use of your network Network or data extortion / blackmail (where insurable) Online media liability Regulatory investigations expenses Your Cyber security checklistCybercrime (key resources)Scamwatch – stay up to date on current scamsHome | ScamwatchWhat’s the latest – Cyber security alerts and adviceAlerts and Advisories | Cyber.gov.auACSC – Australian Cyber Security CentreHome | Cyber.gov.au Why do I needCyber Insurance? A cyber security incident can have devastating impacts on a business: Malware - unauthorised software designed to cause harm. Ransomware - A type of malware that locks down your computer or files until a ransom is paid. We can assist you with comprehensive Cyber Insurance - protection for your business against cyber security threats. CONTACT US Cowden Insurance Brokers Trusted by Thousands Our ability to consistently find the correct solution based on our clients needs has built the trust and loyalty that thousands of Australians have in us. 50 Years of Experience Cowden Limited was founded in 1972 and through growth and acquisition has become a major force in the Australian insurance market. Strong Referral Record 95% of new business is by-way-of referrals from our satisfied clients. Protecting your Company’s Balance Sheet with the Most Economical Solutions We use cutting-edge technology to give you the most cost effective insurance solution. We are Licensed Insurance Advisors Along with our 50 years of experience, we hold an Australian Financial Services Licence.Providing you with peace of mind that we have proven and authoritative service. We've got you Covered With offices in Perth, Adelaide, Melbourne and Sydney, we will find the solution for your insurance needs. TESTIMONIALS Hear What Our Clients Have to Say "Thank you to Cowden for putting in place Strata Insurance for our properties. The effort put in by Karen Wilson in achieving this outcome was exceptional. Again many thanks to Karen and Cowden, we will be recommending your services”. - Dr. Mark Hagan "In speaking with Cowden Insurance Brokers I have learnt so much about insurance including how important it is as a tenant that you have Contents Insurance. I am more than happy to recommend your fantastic services." - Jan Eriksen "Cowden Insurance Brokers help was incredible! They tailored my insurance for my personal needs. The team was so friendly and helpful, and answered all of my questions and concerns, highly recommend!" - Alice McKenna "Thank you for quickly arranging insurance for me, great work from the team at Cowden Insurance Brokers” - Rob Gillies "Great service, managed to beat all quotes/policies I previously had which I personally managed. I highly recommend Cowden Insurance Brokers”. - Zac Hillier "Great service from some equally great people. If you are looking for someone to look out for your interests by getting the best insurance at a great price, then these people are the ones to see”. - Sharon Setton Frequently Asked Questions I am a small business, do I really need Cyber Insurance? Yes, definitely. In FY22, the Australian Cyber Security Centre (ACSC) reported that, on average, a single cyber event costs a small business over $39,000. Are all Cyber Insurance policies the same? No, not all policies are equal, they may include undesirable exclusions. We can offer you a broad policy to protect you and your business and assist you in your time of need. Can I buy Cyber Insurance for my family? Yes, you certainly can; we have access to personal Cyber Insurance for individuals and families that provides cover for identity theft and many other exposures. Does Cyber Insurance only cover my computer hardware? No, it covers so much more. It can also cover the liability you may incur from losing your clients data, manage your public relations if your event becomes public and even your lost income for your business (if you elect to buy this cover). What would I do if I had a Cyber incident, I’m no IT expert? Good news, most cyber policies have a panel of experts you can access via a 24/7 emergency number. They include IT firms, PR specialists, forensic accountants, and lawyers. These specialists will help you as soon as you pick up the phone. How do I lodge a Cyber Insurance claim? As time is of the essence, immediately ring the hotline and get the professionals involved straight away. Then at your first opportunity ring us. We will be there every step of the way and will help with the lodgement of your claim and ensure it all runs smoothly.