RIMPA Cyber Protect

RIMPA has formed a strategic partnership with Howden to establish a tailored solution for RIMPA Members. The RIMPA Global Discretionary Trust is an exclusive vehicle providing access to affordable and comprehensive Cyber Cover to RIMPA Members.

RIMPA

RIMPA Cyber Protect

Find out more about the effects of a cyber event in the brochure.

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The effects of a cyber event

Cyber events, whether malicious or committed in error, can cause a variety of problems for businesses of all sizes and sectors.

Outages, failures or damage to IT infrastructure can lead to significant financial loss, business interruption and even physical damage.

Data or privacy breaches can result in regulatory investigations, legal proceedings and reputational damage. The legal and regulatory equipment is rapidly developing and businesses must understand the implications of their actions or inaction.

Security and privacy events can be sudden and multifaceted, so a pre-determined incident response process involving the right vendors is vital in stopping matters from going from bad to worse.

Common incidents that trigger cyber insurance claims include:

Ransomware attacks

Hackers lock up files or devices and demand a ransom payment in exchange for release. 

Data breaches     

Confidential data is stolen or otherwise exposed by threat actors or human error. Data restoration can be timely and expensive.

Wire fraud

An employee is tricked into sending money to a scammer. Scammers often send the email impersonating a senior business leader and include a time pressure to ‘act now’ to avoid negative consequences. 

System failure    

Shutdowns due to system outages that may or may not be malicious in nature.

Business Interruption from reputational harm

Following a cyber event there is more than just your customers personal information exposed. Your businesses reputation is also exposed. Positive reputations take years to build but can take seconds to destroy and it may result in significant loss of revenue. 

Having a dedicated public relations expert with deep expertise in crisis communications can make all the difference. 

Social engineering    

This is the tactic of manipulating, influencing, or deceiving you or your employee in order to gain control over a computer system, or to steal personal and financial information. It uses psychological manipulation to trick users into making security mistakes or giving away sensitive information.

Arguably this is the most common cyber event, and undeniably evolving in sophistication, your employees are your first line of defence.

Common types of social engineering you have likely encountered in your business include;

  • Phishing emails are one of the most well-known social engineering methods used by Cyber criminals today. They use it to steal valuable information from unsuspecting users by enticing them to click a malicious link, download infected files or reveal personal information, such as passwords or account numbers.
  • A whaling attack is a type of phishing attack that also leverages personal communication to gain access to a user’s device or personal information.
  • Baiting is a type of social engineering attack where scammers make false promises to users in order to lure them into revealing personal information or installing malware on the system.
  • Baiting scams can be in the form of tempting ads or online promotions, such as free game or movie downloads, music streaming or phone upgrades. The attacker hopes that the password the target uses to claim the offer is one they have also used on other sites, which can allow the hacker to access the victim’s data or sell the information to other criminals on the dark web.
Cyber

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© Copyright 2024 Howden Insurance Brokers (Australia) Pty Ltd. Howden Insurance Brokers (Australia) Pty Ltd (Howden) (ABN 79644 885 389 | AFSL 539613) is part of Howden Group Holdings Limited. The RIMPA Global Discretionary Trust ABN 59 580 414 301(discretionary trust) is issued by the trustee, Alternative Risk Management Services Pty Ltd (ABN 70 649 963 191 | AFSL 530893)(ARMS) and is distributed by Howden Insurance Brokers (Australia) Pty Ltd. Any advice in relation to the discretionary trust is provided by Howden which is a related entity of ARMS. The cover provided by the discretionary trust is subject to the trustee’s discretion and terms, conditions, limits and exclusions. The insurance cover is issued by Certain underwriters at Lloyd's and is subject to terms, conditions, limits and exclusions. Any advice or recommendations are general in nature and do not take into account your individual objectives, financial situation or needs. Please read all relevant Policy Wordings, Product Disclosure Statements and any other information we provide before deciding if this is right for you.