eBay – Latest Victim of Cyber Attack

Posted On: Thursday, May 22nd, 2014  In: Blog

eBay confirmed that its corporate network was hacked and a database with users passwords was compromised.

It doesn’t matter what size you are: Facebook, Microsoft and NBC were all victims of cyber attacks in 2012 and 2013

Cyber fraud, cyber extortion, malware and hacking; these are all activities which we are becoming increasingly familiar with.  Business exposure to cyber related issues is rapidly growing as we are creating and storing more content than ever before with an increasing number of assets which can be
targeted via mobile devices, databases, desktops, file, mail and directory servers.

Some industries are more at risk than others with retail, manufacturing, information, food services and professional being the most common victims.Cyber Fraud

The costs of a cyber attack can be huge not only to the bottom line but also to brand and reputation.  And no matter how well your IT network is protected, the hackers are often ahead of the game.

No matter how well an IT network is protected it can be compromised.

Traditional insurance policies are often not designed for the digital age and the exposures now faced by companies operating in the digital arena.

When it comes to a data security breach or privacy loss, it isn’t as much a matter of if it will happen as when.

When a data security breach or privacy loss happens, you’ll need comprehensive protection from an insurer that
specialises in handling cyber risks, offers a full suite of integrated insurance solutions to help minimize gaps in coverage, and understands how to tailor coverage to your business.

How prepared is your organization for:

  • Identity theft resulting from lost or stolen Social Security numbers or credit card, driver’s license, or financial information?
  • Hacker malfeasance resulting in theft of personally identifiable information, protected health information or other confidential information
  • A lawsuit stemming from a security failure or alleged technology error or omission that results in damages to customers?
  • A lawsuit alleging trademark or copyright infringement?
  • A lawsuit alleging invasion of privacy, defamation, or product disparagement involving information residing as email; on laptops, PDAs, flash drives, or servers; or on the Internet?
  • A regulatory proceeding seeking fines or penalties as a result of actual or potential unauthorized access to private information?
  • An e-business interruption resulting from a security failure or Internet virus?
  • A cyber extortion threat?
  • Costs related to privacy notification, crisis management, and disaster recovery?

The costs of data security breaches can be significant.

When you stack up the potential costs brought on by a data security breach, risk mitigation through insurance coverage and loss prevention is more than a smart investment,
It’s business critical.


Businesses that lose data as a result of cyber fraud or hacking can be fined up to $1.7m. 

If you’re interested in insuring against the risks of cyber fraud, speak to one of our insurance brokers, Beverley or Genevieve on 1300 784 011 or email enquiries@pvib.com.au 


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