Infosure

What a crazy year! It’s hard to phrase it any other way really. It was never going to be easy. But in the challenge lays the passion. And speaking of passion, it’s time for a few (we promise we made him keep it to a few) words from our fearless leader, Andrew Brett, CCIS “Thank you. Thank you to everyone. From those that supported us unconditionally through to those that still can’t see what Cyber Insurance is. Because both of you drive my passion. It’s time for a well earned break, to spend time with our families and remember what it’s all really about. A chance to recharge our batteries for another year. See you all in 2025!” 🍾 🥂 #cyberinsurance #infosure

There are 2 types of Insurance buyers: Buyer 1 - Price driven No care for quality of cover. Only objective is the cheapest price. Any Insurer will do. Will take an extra $2,000 excess to save $150 on premium. Gaps in coverage everywhere, but not interested in any advice Buyer 2 - Quality driven Quality of cover takes priority over price. Insurance has an important place within their annual business strategy. The policy has been placed to make a successful claim. A genuine respect is shown for their Insurance Brokers advice. And it’s almost always Buyer 1 at the BBQ telling everyone how much Insurance is a scam and not worth the money because that coverage they wouldn’t pay for didn’t pay them out at claim time…. Please. Don’t be like Buyer 1. #cyberinsurance #infosure

Do you have a great MSP? That’s fantastic. The fact still remains though, almost all MSP’s do not have true Cyber Incident Response capabilities. Because it is a completely different skill set to what you pay them for. And there are also so many stages of a Cyber Incident that aren’t “IT Related” (Incident Manager, Legal Advice, Public Relations etc). So not only would you have to front up the likely $50,000-$150,000 to pay for your Cyber Incident (assuming you have it). But it is also most likely going to be you sourcing and then managing all the different Cyber Incident Response services yourself. And Stress, Burn Out and Anxiety can all be very real non financial risks of not having a plan or experience during a Cyber Incident. Cyber Insurance cannot stop you from having a Cyber Incident, just like Cyber Security cannot either. But what it can do is provide the crucial financial and organisational support for you when you need it the most. Unfortunately though, at the moment, the reality is 85% of SME’s don’t have that support… #cyberinsurance #infosure

IT and Cybersecurity Professionals giving Financial Advice Just a helpful tip to any IT and Cybersecurity Professionals out there in Australia that want to discuss Cyber Insurance with their customers. We love your enthusiasm, however unless your company has an Australian Financial Services Licence (AFSL), and you personally hold a minimum Tier 1 insurance qualification, you must stick to factual conversations, as you are legally unable to give Financial Advice. We have been seeing this a lot lately, and while we empathise that the IT and Cybersecurity industries do not have any formal regulation, so most people did not even realise, I can assure you, the Insurance industry does. And APRA or ASIC can be very scary to deal with. So what is an example of this? ————————————————————— - Factual Conversation “You should look into obtaining Cyber Insurance cover, as it can provide you with assistance to respond to a Cyber Incident” ————————————————————— - Financial Advice “You should go with Insurance Company X. Insurance Company Y doesn’t have a great policy from what we’ve heard” “I don’t think you need Cyber Insurance” ————————————————————— Outside the risk of APRA or ASIC knocking on your door, if a client does take on your “advice”, and suffers a financial loss, they may well hold you accountable. And this will not be covered under your Professional Indemnity insurance, unless you had the formal Insurance licences and qualifications to do so. We assist many IT and Cybersecurity Professionals include Cyber Insurance onto their offerings, while maintaining a safe distance from ever giving Financial Advice. If you would like to avoid any nasty surprises in 2025, reach out to us for a confidential conversation on how we can assist you. #cyberinsurance #infosure

Cyber Insurance Business Interruption Costs A common misconception is that a traditional Business Package or ISR policy will cover any financial downtime following a result of a Cyber Incident. “I have cover for that under my current policy” That type of Business Interruption cover is still very important, but is limited to physical events. Think Fire or Storm damage to your Building etc, and almost all Insurers now apply a Cyber Exclusion to their policies. Business Interruption costs for a Cyber Incident require their own specific coverage. Which you guessed it, comes under a properly structured Cyber Insurance policy! When placing cover, you will need to factor in your specific industry challenges, your biggest turnover months, and the potential length of time you could be running under 100% of your pre loss Gross Profit for. Cyber Incidents come with very different challenges to a traditional losses to your Business, and this is one of them. If you have any further questions on Cyber Insurance, please feel free to reach out to us for an educational conversation. #cyberinsurance #infosure

Chances are, if you think you “can’t afford” the premium, you almost certainly can’t afford the actual cyber incident. The below list includes the majority of services a comprehensive (key word here) Cyber Insurance policy provides: And these are niche professionals, so finding good ones can be just as hard as paying for them… - Incident Response Manager to help guide you through the incident successfully - Digital Forensics to scope the nature and size of the incident - Threat Actor Negotiator who understands the language of these malicious people - Legal Advice for complying with applicable regulations - Legal Advice for any potential Third Party Liability exposure - Public Relations Team to minimise reputational damage - Notification Costs of communicating with all affected parties - Fraud Hotline to assist those affected in case they notice suspicious activity - Rebuilding your Network if systems are unfixable - Business Interruption Costs which will be declined under your traditional ISR or Business Package policy - Funds Stolen or Socially Engineered from you Now there’s a list that’s too expensive… Reach out to us today, and lock in your Cyber Incident Response costs for 2025 #cyberinsurance #infosure

They say the best way to get your message across is to have others say it for you. In what can often be a thankless role, as we try and build a product that has never really gotten off the ground over the past decade, and can sometimes receive more FUD than Bitcoin, we truly do appreciate these kind words Luke Marsden. And this attitude and openness is what will set both you and Australian Cyber Defence apart from those who chose to fear or demonise Cyber Insurance. As we end 2024, with 12 new quote requests coming in to the company in just the last week, we are extremely optimistic for what 2025 is going to bring for this commonly misunderstood line of Insurance. #cyberinsurance #infosure

We are stealing this one from our Director Andrew Brett, CCIS today, because 10 months after it was originally posted, it is still something we see every single day. In fact, just yesterday we got 2 documents sent through to us from a prospective business owner, asking us to review them. One document their existing Cyber Insurance policy, and the other document was their General Brokers renewal recommendation, which was to move to another Cyber Insurance policy. The issue? The existing policy they had listed a $250,000 limit for Social Engineering Fraud cover. The new renewal recommendation policy only had $10,000 limit for Social Engineering Fraud cover. They were losing $240,000 cover for Social Engineering Fraud, and no one made mention of it anywhere. Brokers, If you do not understand Cyber Insurance as a product, or you do not know what you are looking at on a Policy Schedule, that’s ok. You are not expected to know everything about every Insurance product in the world. But please, just be honest with your clients… #cyberinsurance #infosure

What if you could lock in the amount a potential Cyber Incident would cost your business every year? All SMEs need to budget. Especially as some months are bigger than others. Some months liquid cash reserves are overflowing. Some months they are dry. With varying reports coming out that the average Cyber Incident is costing Australian SMEs between $50,000-$100,000, what would that type of financial hit look like to your business? Straight liquid cash removed from your business account. On whatever month the incident happens. Regardless of whether you have $100,000 or $10,000 at the time. Scary right? But what if you could know exactly what you were up for each year, budget for it, and even get the valuable services of those who have performed 100’s of successful cyber incident responses before you. Worth a thought. #cyberinsurance #infosure

📣 FINAL CHANCE TO REGISTER This is your final chance to register for this weeks cyber security webinar sessions, presented alongside Guardz and Manage Protect. To ensure you can all join us, there are two session times:    Tuesday 3 December  MORNING: 11:00 AM AEDT EVENING: 7:30 PM AEDT   These sessions are designed to showcase how Guardz is revolutionising the cyber security landscape through its all-in-one AI-powered platform designed for MSPs supporting SMBs, speaking to the Guardz journey to date and what lies ahead in their 2025 (and beyond) roadmap – including their recently launched innovative AI-powered MDR, and present the frictionless local Cyber Insurance for A/NZ from Infosure. Across the webinar sessions, you’ll hear from two leading voices in the cyber security and cyber insurance global sector:  Andrew Brett, CCIS, Co-Founder & Director, Infosure (Morning & Evening Sessions) Doni Brass, VP of Product, Guardz (Evening Session only) REGISTER NOW! **Tuesday 3 December ** MORNING: 11:00 AM AEDT - https://lnkd.in/gykM_ZGc EVENING: 7:30 PM AEDT - https://lnkd.in/gREcwQ7C We hope to see you there!