February 2017

Cover your costs: privacy breach notification and cyber liability

According to the Ponemon Institute’s 2015 Cost of Data Breach Study, the average per capita cost of data breach in the United States is $217, while the average total organisational cost is $6.5 million. Comparatively, in Australia, the draft Regulation Impact Statement cited the average cost of notification at $70,000, while the total cost of a data breach is typically upwards of $2.82 million. While this is significantly lower than the cost of data breach in the United States, the economic impact of data breach for Australian businesses carries substantial weight.

In light of the Federal Government’s Notifiable Data Breaches Bill passed through the Senate this week introducing a mandatory data breach notification scheme, we consider how these laws will affect your business and the role of insurance in reducing the cost of a data breach.

Read more

Insure your Instagram

The unique needs of media professionals require distinctive insurance cover to protect against the significant costs associated with defending claims for financial loss that may arise from erroneous or negligent publication of material. Media liability insurance provides cover from exposures such as misleading advertising, defamation, invasion of privacy, copyright or trademark infringements, and breach of contract.

According to Suzie Shaw, Managing Director of Sydney based advertising agency, We Are Social, “social influencers are effectively our future media owners”, and as such, they require the same level of insurance cover as other media professionals, particularly in safeguarding against misleading advertising.

Read more