WEBINAR: Cyber Insurance
Webinar on Cyber Insurance - registration details at the bottom.
Date: 25 July 2024 @ 12.30pm
Frank Risk Management
Frank Risk is one of the largest indigenous insurance brokers operating in NZ (with 32 staff over five branches).
As well as commercial fire & general insurance broking, Frank Risk specialises in niche online offerings tailored to specific professions – such as FrankieMed.nz , which provides a bespoke Cyber & Management Liability offering to the medical profession.
Andrew Newman
Andy Newman is the CEO of Frank Risk Management who created the FrankieMed online Cyber & Management Liability offering.
Stuart Hamilton
Stuart is a Senior Broker and Partner at Frank Risk with forty years’ experience in financial services, including seven years as a Senior Consultant with the Medical Assurance Society.
Webinar
Stuart & Andy will discuss (and answer your questions) on how to protect yourself and your business from the cost of Cyber Crime and Directors risks, such as noncompliance risks, employee theft, hacker theft, loss of data and privacy breaches are real business risks, particularly in the health sector.
Cyber Insurance is not just for claims where your system is hacked, and/or you are denied coverage, and your data is stolen. Our experience is that medical cyber breaches include costs such as public relations, data replacement, equipment replacement and compliance costs (such as dealing with privacy and medical regulatory authorities), as well as business interruption costs. Quite often there is a cross over between Cyber & Management Liability (incl Crime) claims. Essentially, if your system is hacked, this is picked up under a cyber liability policy. However, if one of your suppliers is hacked which results in a loss to your business, this would be picked up under Management Liability. Frankie offers the two covers as a package to ensure our clients are protected for both the common incidents.
Recent breaches involving patient data involved costs around communication with the Health and Disability Commissioner, the Privacy Commissioner, extensive media support, and an apology and explanation to every patient.