Insurance Services

Why Insurance? Because 100% protection does not exist!!

Insure your data against permanent loss due to human error, cyber crime or a catastrophe, as well as for data breach. Only from CIS Brokers Services Pty Ltd (CIS).



Companies are continually losing data due to human error, employee mischief, ransomware and cyber crime.

Data is becoming the most valued asset a company has, while cyber crime, human error and employee mischief are causing more and more losses. While most companies use a data backup system, permanent data losses still continue to occur regularly. Online storage companies do not provide any financial protection. To compound the problem, insurance companies today are not able to provide full value or high indemnity coverage for permanent data loss. A Data Insurance policy fully insures this valuable asset against permanent loss, with a replication service where the insurance company pays a claim if they cannot return the insured data to the client. CIS focuses on addressing this issue for SME’s in a holistic way from cyber assessment to cyber and data insurance.

Cyber-attacks against business are increasing. SMEs believe they are not at as much risk as their larger cousins, however, according to Symantec, over 30 per cent of phishing attacks in 2015 were launched against smaller SMEs and 50 per cent of all cyber attacks are targeted at SMEs (Lindros, 2019). The most important aspect of Cyber insurance for an SME is the incident response component. Larger organisations have internal resources and generally, clear plans for responding to a cyber breach and returning to a ‘business as usual’ state as soon as possible. SME’s do not have this luxury and hence must rely on their cyber insurance policy to provide this critical service. Most SMEs do not have cyber insurance, in fact, only about 15% have it (Sloan, 2019). This suggests that most SMEs are not prepared for a breach response and are still exposed to the high cost of cyber incidents. It could mean the difference between staying in business or becoming a statistic.
86%

of business are not prepared to respond to a breach event

only15%

of businesses have cyber insurance, that means up to 85% are exposed to great risk

Data Insurance is coming to Australia

Permanent data loss is now being prepared for the Australian market

For the past three years, companies have increasingly come to realise that data is their most valuable asset and needs to be properly insured for permanent loss due to cyber crime, employee mischief and human error – however the insurance industry has not been able to provide a solution. To solve this global issue, Cyber Indemnity Solutions Ltd. has combined IT and underwriting expertise to create a revolutionary ‘Data Insurance Policy’. The risk of permanently losing data is a very serious growing threat to any business and can now severely impact the discharge of a board directors responsibilities. CIS has partnered with the Munich Re Reinsurance Company, the largest reinsurance company in the world, in preparation to re-insure this risk. ‘Data Insurance’ is the world’s first insurance policy to adequately address permanent data loss with the support of Munich Re. CIS has the advantage of being the ‘first to market’ in a market with significant barriers to entry. CIS has experienced management from the IT and insurance sectors, has several years of successful operation in New Zealand and has created a very scalable operation. Data Insurance delivers value to all clients - insurers, brokers and insureds. Join other companies in preparing for Data Insurance by contacting CIS now.

Our data insurance approach considers the following:

  • Data recovery
  • Replication service
  • Compensation for total data loss
  • Data valuation
  • Data management
  • Read more

Cyber Insurance by CIS Broker Services Pty Ltd (CIS)

There is no 100% defence against cyber-attack

It is clear there is no 100% defence against cyber-attack. All businesses should have a cyber mitigation strategy and a bespoke cyber insurance policy is the best option as it offsets the high costs of providing incident response services and associated costs relating to a cyber breach event.
Businesses generally underspend in the cyber defence area because they do not understand or estimate the monetary or reputation cost associated with a data breach until it is too late (Fowler, 2018). The global average for the cost of a data breach is $3.62 million dollars and $141 dollars per record breached (IBM and Poneman Institute 2018).
From a cost point alone including cyber insurance may well be the difference between surviving a breach and business failure. Cyber insurance is an effective mitigation strategy to be used with other elements in building a ‘defence-in-depth’ solution.

For more information