Cyber Risk

The risk of a cyber attack is ever present and government departments are not immune to data security breaches.  The costs associated with such breaches can potentially run into the millions of dollars.

So what if, for example, an agency inadvertently releases personal details of third parties resulting in loss to those third parties and a subsequent claim for compensation is made against the agency?  Would QGIF cover this scenario?

Or what if an agency’s IT system is hacked resulting in network disruptions and system damage?  Does QGIF cover Queensland Government agencies for cyber risk?  In both these scenarios, rest assured the answer is yes!

Being a self-insurance scheme for Queensland Government agencies, QGIF’s policy includes cover for cyber-related events which cause loss or damage to the agency’s IT systems.  It also covers amounts an agency may be liable to pay to third parties as a result of a cyber event or data breach.   The cover provided is included under the Property and General Liability sections of QGIF’s policy and include losses such as:

  • forensic investigation expenses
  • crisis management and public relations expenses
  • asset replacement
  • response costs to rectify harm
  • business interruption
  • legal defence costs
  • compensation to third parties.

If your agency has suffered a cyber incident resulting in a loss, please notify QGIF as soon as possible.

 

 

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