Cyber Incident Response Team

Having launched a comprehensive cyber insurance product this year, LAUW is pleased to have added a panel of third-party experts who together form its Cyber Incident Response Team (IRT).

In recognising that many companies do not have the internal resources to manage cyber incidents, the IRT is on hand to help manage a crisis in a timely manner. Policyholders can notify via a dedicated emergency hotline, 1800 – BREACH (273224), and online or via email for incidents that do not require an immediate response. For more information, please visit our Cyber IRT webpage here.

Privacy update

In August this year the Office of the Australian Information Commissioner (OAIC) released a breach notification guide: A guide to handling personal information security breaches. The following points mentioned in the report should be given serious consideration:

• “In general, if there is a real risk of serious harm as a result of a data breach, affected individuals and OAIC should be notified.”
• “Notification of a data breach in compliance with this guide is not required by the Privacy Act. However, the steps and actions in this guide are highly recommended by OAIC.”
• “Notification of a data breach supports good privacy practice.”

With the average cost of a data breach currently estimated at $2.8m, according to a Ponemon Institute report: 2014 Cost of Data Breach Study: Australia, brokers should always check to see if there is sufficient cover within cyber policy wordings in the market to ensure the costs of voluntary notifications are picked up by the policy.

News Alert December 2014