34 – What Happens When I Have a Cyber Security Breach?
April 20, 2022
PART 2 of our look at cyber security and the insurance you need to protect your business.
In this episode, we look at what happens if there’s a cyber attack and I have to make a claim? What’s the process?
Join Dave Ferris (Davelcorp Insurance Brokers) and Luke Iacovelli (UNITECH Solutions) as they dive into the issues around cyber crime and how best to protect your business from cyber attacks.
If your business experiences a cyber attack and you have insurance, then the first step is to contact your insurance broker and they will work with you and your IT support. If you don’t have cyber security insurance, you will go straight to your cyber security provider. There is a process to find out what’s happened, what damage has been done and what are the next steps.
It’s important to remember that cyber-risk is just one risk that’s inherent in a business. We recommend that you take a proactive approach to risk management and look at all of your business risks. You need to work with your IT professionals and say, “How can we protect ourselves using your expertise to manage the risks by the way we do our business?”
You need to have your risk management, cyber-risk strategies in place to service your business and then the insurance becomes a simple fallback. You won’t get insurance, if you don’t have those measures in place anyway. And so the insurance is just a fallback, it’s not the solution.
Explore these issues and more and get your business’ cyber security on track.
Dave Ferris is the Senior Client Broker & Division Head (Enterprise Division) at DavelCorp Insurance Brokers. He has diverse insurance industry experience spanning over 35 years, that has included roles in Risk Management, General Insurance underwriting, Facultative reinsurance, Underwriting Agency Management and Insurance Broking.
Dave’s qualifications and experience well equip him to add significant value to his clients as a risk consulting insurance broker with a proven track record in tailoring unique risk transfer solutions for larger clients, groups and associations. https://www.riskybusiness.com.au/
Luke Iacovelli is the Sales Manager for UNITECH Solutions. He is responsible for a team of sales personnel and helps drive corporate selling of technology solutions to suit the many different clients under his portfolio. Working within the technology industry also requires constant training & personal development across the many changes faced within this sector. As the Sales Manager, Luke works closely with his Sales Team on ensuring they convey quality product knowledge and the delivery of efficient, cost effective Smart Solutions for their wide range of clients. https://www.unitech.com.au/
To learn more about cyber crime and how to protect your business, check out this book:
Surviving the Rise of Cybercrime: A non-technical executive guide (Australia) by Craig McDonald
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