Today, Delta Insurance announced it has built on the most comprehensive cyber security insurance product available in New Zealand, providing a complete solution for cyber risks across the full spectrum of risk – before, during and after any cyber incident – and supporting SMEs with free cyber security assessments. Currently there is a NZD$250-500 million cyber cost to NZ businesses per year.
While the conversation around cyber security has moved on to the practical support and resources required to better protect businesses, the implementation of cyber security management plans is happening too slowly with the prevailing opinion being that it is something that will happen to other people, says Ian Pollard, Managing Director of Delta Insurance.
According to PwC New Zealand more than half (55%) of New Zealand organisations do not have an operational cybercrime incident response plan, yet 40% expect to experience a cybercrime in the next two years.
To address this issue, Delta has created a team of experts from nine organisations across all aspects of the cyber security risk spectrum to deliver a comprehensive package that is as much about prevention as helping a business respond to an incident.
“Businesses need to be clear that cyber security is not just about IT triage. A robust management strategy will ensure that when the worst happens you understand the impact on each aspect of the business. And that the required support network across IT, legal, forensics and reputation is available and covered by your insurances,” adds Ian.
SMEs are particularly vulnerable, with ransomware attacks up 60% this year alone and in general being under-insured for cyber security. Therefore, as part of Delta’s new offering SME policy holders can receive access to free cyber security assessments from Need a Nerd, UNITEC, Houston Technology, InPhySec, Network Box or Aura Information Security.
Prof Hossein Sarrafzadeh, head of Unitec’s Cyber Security Research Centre, a first of its kind in New Zealand, adds, “We’re monitoring cyber traffic coming in and out of New Zealand, so we know the risk is very real, increasing and targeting SMEs. Being on the expert panel enables us to be part of a more holistic approach to cyber security. One that will enable SMEs to focus on their businesses, being assured that they have the best support in place for them.”
Delta’s Comprehensive Cyber Risk Management package includes, alongside the insurance policy:
Prevention: identify organisations potential exposure to cyber risk and assist in implementing a comprehensive proactive plan with Delta’s panel of experts
Claims handling: Delta’s team of experts will assist with IT triage, crisis and reputation management, system and data analysis and restoration, and third party claims
Post lost services: once the claim is resolved Delta may also assist with the cost of strengthening the organisations cyber security (such as with shielding) and reviewing the emergency response plan to ensure better outcomes in the future.