Antivirus software, firewalls and IT support cannot prevent a cyber attack. Considering the access that accounting firms have to sensitive information, they remain prime targets for cyber criminals. The information that can be obtained is typically sold on the black market or held at ransom for a significant price.
Technology is a part of operating a business, and is imperative to accounting firms. However, the detrimental side effect to technology is the inevitable storing of a vast amount of sensitive information which can be accessed by sophisticated and motivated hackers.
Why choose Cyber Shield?
The fact is, cyber attacks are on the rise and are a constant threat. There is no fool-proof solution against cybercrime, and traditional insurance policies provide limited or no cover for cyber related attacks. That is where Accountancy Insurance’s Cyber Shield comes in. Cyber Shield is designed specifically for accounting firms in order to provide prompt assistance with comprehensive coverage.
What does Cyber Shield include?
Cyber Shield is a cyber insurance policy which covers privacy issues, intellectual property infringements, transmission of viruses, breaches under the privacy act and other related elements. Cyber Shield is underwritten by Nova Underwriting, and has the following major benefits:
• Competitive premiums and broad policy wording
• First and third party protection
• 24/7 global incident response
• Discounted cyber security services
• 1 hour free risk management consultation (provided by Norton Rose Fulbright)
To read more about Cyber Shield, please click here to view the Cyber Shield brochure.
Read two real examples of organisations which suffered at the hands of cybercrime (as provided by Nova Underwriting):
Case study 1: Ransomware attack
A small accounting firm (10 staff member) endured a ransomware attack. An invoice attachment in an email was opened which contained a Cryptolocker virus. The office computers froze and a message appeared on screen demanding $8,000, which would increase by a further $1,200 per day until it was paid.
Including the payment of the ransom, IT forensics, business interruption costs and PR costs, the total cost to the business was $83,660.
Case study 2: Loss of sensitive data
An advisor suffered from a burglary. A number of devices, which contained the personal information of clients and personnel, were stolen. Despite the information being encrypted, the criminals could still gain access to the information. Several clients became victims of identity theft and as a result sued the firm for damages.
The advisor incurred significant costs totalling $140,000.
Accountancy Insurance offers your accounting firm:
- A tailored policy to suit your requirements
- Professional advice on what you should consider, depending on your circumstance
- Flexible payment options, including monthly premium funding
- A dedicated Account Manager, so you know who to call when you require assistance
- Specialised claims service
Cyber Shield Application Form
Complete the Cyber Shield Application Form to receive an obligation-free quote for an cyber insurance policy with Accountancy Insurance. Once you have completed each question and submitted the form, a member of the Professional Risks Team will be in touch with you.