Cyber Insurance

An insured accounting service was notified by their hosting provider about an interruption in server access. While it was initially thought that no data was affected, the hosting provider later confirmed that data involving over 32,000 items were stolen and posted to the dark web.

The accounting service reported the incident to their insurer, who appointed an incident manager. The incident manager assisted in obtaining legal advice on the business’ privacy obligations.

After consulting with the appointed law firm, the accounting service submitted documents for review and the Office of Australian Information Commissioner (OAIC) was notified. The law firm ultimately identified 188 individuals whose data was affected.

The accounting service paid their $1,000 excess and $3,114.70 in GST to the law firm, and their insurer paid the remaining $20,147 in fees.

The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Coverage for claims on the policy will be determined by the insurer, not BizCover for Brokers.