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Spoke Declares ‘Bore’ War
Welcome to Spoke Insure. Your Cyber Broker.
Providing local expertise and service to Australian Film & Entertainment, Sports, Leisure and Promotions Industries.
Cyber Insurance
In an increasingly tech dependent age, where almost everything is online, protecting your business from cyber-related exposure is critical. Cyber insurance provides protection for a broad range of network security, privacy, and multimedia-related exposures.
Intentional data theft by hackers or accidental data exposure from a lost laptop or smart phone are common occurrences in businesses of all sizes and pose an ever-growing risk.
The financial cost of a breach
Following a breach, companies have an obligation to pay remediation costs of up to $145* per record
lost. For an entity with 1,000 client records, the cost quickly adds up.
*Ponemon Institute 2014 Study
Coverage Summary
Cyber Expense – First Party Cover
Privacy Breach Response Costs
Includes all reasonable legal, public relations, advertising, IT forensic, credit monitoring, call center, postage and identity theft restoration expenses incurred by the insured in response to a privacy breach.
Network Asset Protection (including Non-physical Business Interruption)
Coverage for all reasonable and necessary sums required to recover and/or replace data that is compromised, damaged, lost, erased or corrupted. Coverage also includes business interruption and extra expense coverage for income loss as a result of the total or partial interruption of the insured’s computer system.
Cyber Extortion
Will pay extortion expenses and extortion monies as a direct result of a credible cyber extortion threat.
Cyber Terrorism
Coverage for income loss and interruption expenses as a result of the interruption of the insured’s computer system due to a cyber terrorism attack.
Need more detail?
No problem, please visit our CyberGuard™ website.
Cyber Liability – Third Party Cover
Network Security & Privacy Liability
Includes coverage for both online and offline information, virus attacks, denial of service, and failure to prevent transmission of malicious code.
Multimedia Liability
Coverage for both online and offline media, including claims alleging copyright/trademark infringement, libel/slander, and personal injury.
Privacy Regulatory Defense & Penalties
Coverage for defence costs and fines/penalties (where insurable) as a result of a privacy/security breach or beach of privacy regulations.
Coverage Highlights
Limits available: up to $20 million
Minimum deductible: $500 per claim
Minimum premium: $500
- Breach Response Costs are in addition to the policy aggregate limit.
- Network Asset Protection is triggered by both accidental and intentional damage.
- Coverage for Privacy Liability Assumed Under Contract.
- Voluntary Notification costs are covered.
- Spoke Insure Risk Management Website.
- Worldwide Coverage and international notification.
Breach Statistics
Can you afford a data breach?
Compensation Costs
$1,600* per claim 750 affected records = $1,200,000
Remediation Costs
$145* per record 750 affected records = $108,750
*Ponemon Institute 2014 Study