Cyber Insurance with Northwest Insurance

Our technology-dependent world is changing constantly and liability policies do not cover every cyber risk exposure.

There is clearly a need for Cyber Insurance that advances the scope of coverage for cyber liability and addresses the full breadth of cyber risks.

Cyber Insurance with Northwest Insurance

There is clearly a need for Cyber Insurance

A 2014 study, “Net Losses: Estimating the Global Cost of Cybercrime,” conducted by software security firm McAfee for the Center for Strategic and International Studies, estimated that cybercrime costs the global economy $445 billion a year. The report also forecast the cost will rise as more consumers and businesses connect to the Internet, creating in turn a larger potential market for cyber-insurance.

“Just about every business today needs cyber insurance,” said Bob Hartwig, president of the Insurance Information Institute. “More and more businesses are transacting online and the reality is it’s only going to increase as we move forward.”

insurance business elite broker

Top 30 Elite Brokers for 2013

insurance business elite broker

Top 30 Elite Brokers for 2014

insurance business elite broker

Top 30 Elite Brokers for 2015

Far-reaching effects

With recent data breaches hitting the headlines across the Asia Pacific/Oceania region, loss of personal and corporate data has far-reaching effects that could potentially change the way business is carried out all over the world.  The impact from the loss of corporate data and information such as intellectual property and proprietary information, which in the hands of a competitor, or even an extortionist, can severely disadvantage businesses.

 Research has found that:

Over the last three years, there has been a 2000% increase in cyber attacks, with more than 45% originating in the Asia Pacific/Oceania region.

In Australia, cybercrime is the second most commonly experienced crime, just behind asset misappropriation.

30% of Australian organisations experienced cybercrime in the last 12 months, significantly higher than global (23%) and Asia Pacific (22%) levels.

Any company with operations in Australia, EU, Japan, New Zealand, Korea, Hong Kong, Taiwan, Malaysia and USA where data protection legislation is onerous should consider Cyber Insurance.

In October 2013 Symantec released findings from the 2013 Norton Report that revealed the total cost of cybercrime in Australia in the previous12 months at AU$1.06 billion with the number of Australian victims reaching 5 million. These figures are growing rapidly every year.

What is Being Taken in Cyber Attacks?

  • Personally identifiable information
  • Government ID numbers
  • Medical records
  • Credit/debit card details

Which Industries can Benefit From Cyber Insurance?

  • Medical/Healthcare
  • Retail/Wholesale
  • Manufacturing/Industrial
  • Construction/Real estate
  • Telecommunications/Media/Technology/Internet services
  • Transportation/Airlines/Travel sector/Logistics
  • Education
  • Entertainment
  • Professionals (Solicitors, Law firms, Accountants, Insurance brokers)
  • Telemarketing/Call centre/Internet services/Data processing
  • Government and municipalities

Please contact our experienced team to discuss your Cyber Insurance options.

Phone: (07) 4151 6001

Email:  info@northwestinsurance.com.au

Please contact our experienced team to discuss your Cyber Insurance options.

Call: (07) 4151 6001  Email: info@northwestinsurance.com.au

or Complete the Online Quote Request Form

Be protected online with Cyber Insurance from Northwest Insurance
Protect your data with Cyber Insurance from Northwest Insurance

Request for Insurance Quote Form

Fields marked with an * are required

Davkat Enterprises Pty Ltd T/A Northwest Life ABN 59 105 784 469Corporate Authorised Representative No. 254625

Kev ThomasAuthorised Representative No. 235340 of The FinancialLink Group Pty LtdABN 12 055 62 967   AFSL No. 240938