Institute of Certified Bookkeepers

24/7 Emergency Response Help Line Available

With news of recent cyber-attacks affecting over 200,000 people in at least 150 countries, including Australia, it is more important than ever before to ensure your business and your business practices are as safe as they can be. This will minimise the potential for attacks and provide a plan of prevention for you and your clients.

Chubb is the provider for ICB members covering cyber security insurance. Chubb provides a 24 hour a day, 7 days a week, 365 days a year incident response call centre which is supported and managed by a qualified team that can actually help you.

Chubb also provides a hotline with the first hour free: 1800 027 428

By being an ICB bookkeeper, and if you hold Professional Indemnity insurance with IME, you will already have Cloud Cover Protection. This means that should you or a person relating to your practices be negligent with data in the cloud, which has caused loss to your client, your Professional Indemnity, in most cases, will be able to pay a settlement or defend an action from a client for you.

It is suggested that the best approach to cyber security is in prevention and arming yourself with enough information to know what will best assist you in such a situation. Some of the general practices to help you stay on top of your security include:

  • Use strong passwords that avoid using personal information. This means that you should not use birthdays, children's names or sequences that are only one form – numbers or letters. It is recommended that you change your common passwords at least once every 90 days.
  • Ensure you have installed appropriate and required anti‑virus and malware software on your computer systems. This should be included on laptops and iPads.
  • Regularly backup to an external hard drive or the cloud. It is not unusual to undertake both. Weekly backups are suggested depending on how much data is created each week.
  • Be careful when surfing the web, the sites that you visit, and any two-way activity that you engage in, such as chatting on forums.
  • Be aware that it is often for malware and spam to be within attractive offers via email or online. Hesitate and re-think any “click here” buttons on such sites or emails. This is done to steal your IP address (your location) and use it elsewhere unlawfully. In some instances it can provide access to your computer and your personal details that have been stored.
  • Ensure you have a strong firewall and use a trusted professional to provide advice and clarification on what makes a firewall strong as well as what practices will help to maintain it.
  • It is important to educate yourself, your employees and even your clients on the risks that are associated in keeping information, whether on hardware or software, safe online habits to practice and data protection.

There are other things that can be done to help you prevent and minimise your risk.
Consider undertaking one or all of the following:

  • Stay on top of any breaches
  • Watch for email alerts
  • Have an incident response plan in place to know what to do should this happen to you
  • Test your privacy control
  • Look into resources that can be trained to your employees regarding security and privacy
  • Ask questions and find out what else you can do to improve your security.

Chubb have their eRisk Hub that can assist you in putting some of these strategies into place. They offer a complete range of features including:

  • No additional forms to complete (unlike other Cyber risk covers in the market)
  • Privacy Liability cover (A Privacy Wrongful Act and Breach of a Bookkeepers professional duty)
  • Network Liability cover (Your own incident response expenses)
  • Cyber extortion cover (Covers extortion damages made by a creditable threat)
  • Data Asset Loss cover (Covers cost to remove malware and to reconstruct data)

New additional Cyber cover “Limits of Cover and Premiums”

OptionsLimitsDeductibleFinal Annual Premium
Option 1 $50,000 $5,000 $125
Option 2 $100,000 $5,000 $188
Option 3 $200,000 $5,000 $335
Option 4 $50,000 $2,500 $151
Option 5 $100,000 $2,500 $230
Option 6 $200,000 $2,500 $426

Additionally, you can register and gain access to their eHub which will help you with gaining clarity, information and any assistance.

Go to: https://eriskhub.com/chubb
Use access code: 11823

The day of relying on a simple backup is no longer the only thing you need to worry about. Your information and that of your client is valuable and important. Take the necessary steps to protect your business, you and your client's data, and create a habit that may save you thousands of dollars and hours.

References

  • Updated: 31st August, 2017
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