New ProRisk product launched: Cyber & Privacy Liability
We’re delighted to announce that we have launched our latest product Cyber & Privacy Liability Insurance Policy.
Our cyber product is suited to organisations domiciled in Australia with a maximum of 500 employees and up to $25m in turnover. Additional features you’ll find in ProRisk’s policy, you won’t necessarily find elsewhere include
- Cyber Extortion & Ransom Payment Cover,
- Privacy Statutory Liability Cover,
- Cyber Crime Data & Application Restoration Costs and
- Social Engineering Cover
Cyber & Privacy Liability Insurance Policy is backed by the AA- security of Swiss Re Corporate Solutions and can be found on ProBind along with Management Liability, Sole Traders & Partnerships Management Liability and Healthcare Professionals Civil Liability.
As with all our ProBind policies, this one’s competitively priced and you’ll enjoy a high level of flexibility, including a choice of limit and excess. Up to one(1) hour free legal advice from our panel firms is an additional benefit we know our clients value, along with the ProRisk Whistle-blower Hotline Service. This product naturally fits with Management Liability and any other business products – Just because the risk is invisible doesn’t make it less dangerous.
“Cyber protection has been thrust into the spotlight with COVID-19.” Jaydon Burke-Douglas, ProRisk’s General Counsel and Head of Product said, “Cyber criminals are exploiting the global focus on COVID-19 and the new normal of working from home, to infiltrate networks and extort money. Cybercrime costs Australian businesses an estimated $29 billion each year. Our policy will help protect Australian businesses against the financial impact of a cyber-attack.”
Hamish McDonald Nye, ProRisk’s Executive Director said “This is a product ripe for our current environment, where the likelihood of cyber-crime leading to privacy breaches has increased. I believe that all brokers should make talking to their clients about cyber risks a priority. The last thing businesses need right now is to be faced with the financial devastation a cyber-attack can cause.”
We will be running training webinars on Cyber & Privacy Liability Insurance Policy in the near future, so that brokers can understand the details of the policy. Keep an eye on our website for details. Product toolkits will also be made available to brokers shortly, these will help those wishing to cross sell this product.