How will you respond to a cyber incident?
Commercial organisations may still believe they are unlikely to fall victim to a cyber-attack. However many incidents are not targeted and are often initiated by something as simple as a staff member clicking on a link in an innocent looking email, or accessing a web site that appears to be legitimate.
Once triggered, such malware is designed to spread around the computer network and will quickly start to infect any connected devices.
The malware may be intended to steal information or, as in recent incidents, disrupt your business by locking files and then demanding a ransom payment to unlock the data. If you are able to swiftly detect and contain the malware the impact may be small but if the outbreak is wide spread the effect on your business can be severe leading to significant Business Interruption, income loss and expense to investigate and remediate the issue.
Cyber Insurance may on its own not be able to prevent such an incident occurring, but it can provide cover for your financial loss and provide expert incident response assistance such as crisis management, forensic expertise and public relations expenses.
On behalf of Lloyd's Underwriters, Thomas Miller Specialty provides a cyber risk insurance product which helps its customers respond to this key business risk. Apply for cyber insurance here:Cyber and E-Crime Insurance
Our cyber product provides more than cyber insurance. It also helps our customers feel more secure about their data and information technology security and their professional response to cyber incidents, when they happen. Cyber services are available here:Partner Services
Members can also refer to the Club'scyber security resource page
IT Services Manager
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Alan Dainty, Cyber Risk Director at Thomas Miller Specialty, asks the question.
Australia: COVID-19 Update
Members are advised that effective 12:00pm, Thursday 22 July, South Australia transitioned from a 'low risk' state to a ‘medium risk’ state, advance warning of a FIC has also been given which will run in Australia from 1 August to 31 September 2021 to determine the level of compliance with the safety of navigation requirements of International Conventions and familiarity of the masters and officers with their processes for ensuring safety of navigation.