Law firm highlights cyber pitfalls
Law firm Allens has warned Australian businesses that traditional insurance policies may not bail them out after a cyber breach.
While policies such as public and product liability, professional indemnity, commercial crime, directors’ and officers’, property damage and business interruption will cover many losses, there are significant gaps and exclusions.
Specialist cyber cover is available and must be given serious consideration, Allens says.
“Given the increasing prevalence of cyber losses and liabilities and the significant damage they can cause… companies should analyse the scope of their existing coverage and, as appropriate, take out cyber-risk insurance.”