A global insurer has launched a major cybercrime product onto the local market, covering losses of up to $50 million.
Allianz Global Corporate and Specialty (AGCS)’s Cyber Protect product has been available overseas since last year but their appetite now extends to Australia, offering cover for a range of first- and third-party liability issues, as well as access to a crisis response team and forensic IT experts.
The risks posed by data breaches became more stark for Australian businesses last month, when amendments to the Privacy Act substantially increased the likely penalties.
A recent Allianz report also found cybercrime posed the fifth greatest risk to Australian businesses on 2014, moving up from outside the top 10 in just a year.
AGCS Pacific General Manager Holger Schaefer says every business should be assessing their vulnerability to cyber attacks and what financial and reputational damage could result.
“Companies are facing attacks on a daily basis and firms, such as online retailers that have a critical dependency on digital networks, may not be fully aware of how a cyber attack could be fatal to their business,” he says.
“Many cyber criminals are now hacking into the systems of SMEs as a way of ‘piggy-backing’ access to the systems of the larger companies they partner with.”