- COVERAGE ADVICE REGARDING A CYBER ATTACK
We advised an insured client on its insurance coverage after it experienced a cyber attack by a well-known international network of activist and ‘hacktivist’ entities.
The attack crippled the insured client’s servers and telephone system (operating on VOIP). The back-up file for the insured’s network was also targeted and corrupted in the attack, which left the company unable to trade for a period of time.
The insured sought indemnity in relation to the losses incurred.
- COVERAGE ADVICE REGARDING A FRAUDULENT EMAIL SCAM
We provided coverage advice where the insured erroneously transferred funds in response to a targeted, fraudulent email scam.
- COVERAGE COUNSEL IN A CYBER CASE
We acted as defence and coverage counsel for an Australian Financial Services (AFS) licence holder in relation to a claim by a bank arising from fraudulent instructions provided by a hacker assuming the identity of the insured.
- DEVELOPMENT OF CYBER POLICY COMPARISON TOOL
We were retained by an influential insurance broker cluster group to develop an interactive cyber policy comparison tool for use across Australia and New Zealand.
The result was an interactive document that compared all the terms and conditions of the four policies available in the Australian market, enabling clients to navigate the complex issues associated with cyber insurance.
- REVIEWED, REVISED AND REDRAFTED A CYBER INSURANCE POLICY FOR AN OVERSEAS INSURER TO SELL IN AUSTRALIA
We were retained by an international insurer to review, revise and redraft a US cyber insurance policy that they wished to market in Australia.
- Ensuring that all aspects of Australian law (particularly the Insurance Contracts Act and the Privacy Act) were properly incorporated into the revised wording.
- Advising and recommending changes to underwriters to improve the clarity and effectiveness of the cover contemplated for the Australian small-to-medium enterprise market.
- Providing advice on the effectiveness of clauses relating to policy conditions, policy exclusions and continuous cover, as well as identifying potential ‘deeming provisions’ that could affect the policy’s intended coverage due to the operation of sections 40(3) and 54 of the Insurance Contracts Act.
This was the first standalone cyber policy to be issued by this insurer in Australia. It was drafted to provide cover for ‘typical’ first- and third-party losses sustained as a result of a cyber event.