No doubt you were all holding your breath when you went to work on Monday morning, hoping that the computer system that you left on Friday was still working as it was. While it appears that we may have dodged a bullet here in New Zealand, there is no cause for complacency when it comes to ransomware and other cyber attacks. Your Professional Indemnity Insurance does not cover cyber events.
The liability insurance policy provided through LPMS provides indemnity for liabilities which may occur for a member, including the transmission of viruses to other sites, deformation, infringement of intellectual property, breach of copyright and confidentiality. The policy also indemnifies business interruption caused by denial of access as well as cyber extortion costs.
If you do not have a Cyber Liability Policy in place, we would strongly recommend that you carry out your own research and check out the policy that we provide.
For further information, call Bryce Wilson at Aon (04 819 4058).