A specialist underwriter has unveiled revamped wording for its Information Technology Liability product, ahead of imminent tightening of Australia’s cyber privacy laws.
On March 12, amendments to the Privacy Act come into force, greatly increasing the powers of the Privacy Commissioner, including the ability to level fines of up to $1.7 million for businesses guilty of privacy breaches.
For a more detailed examination of what the legislative changes mean for doing business online, see our feature here.
AXIS Specialty Australia CEO and Country Manager David Smith says the new wording is broader, designed to respond to new potential liabilities from the amendments, as well as other changes in the cyber sector.
“AXIS was a pioneer of IT liability in Australia and we have a responsibility to our insureds to upgrade coverage to reflect the new exposures they face,” he says.
“AXIS is a global insurer with a long track record of providing IT liability solutions. Our specialised IT underwriters are hand-picked for their technical knowledge and commitment to high service levels.”
IT and Multimedia Liability Senior Underwriter Klaus Lejon says the additions include claims and litigation costs.
“Some emerging areas of litigation are within intellectual property, heavily weighted towards patent right infringements, contractual liability disputes and amounts paid demands, which often form part of plaintiffs’ claims.”
The cover also offers defence costs over and above the liability limit.
AXIS underwriters are conducting NIBA-accredited presentations for brokers on emerging hazards and claims in the industry.