CPD / CIP Points = 5
Estimated Duration = 5 Hours (including two short breaks)
Cyber Insurance & Cyber Risks (Recommended Pre-requisite “Claims Made Policies”)
Key learning outcomes:
The Cyber Insurance & Cyber Risks module provides a detailed examination of cyber insurance coverage and the broader risks associated with cyber incidents. This extended workshop complements the Selling Cyber Insurance module, although both can be completed independently. Particular emphasis is given to understanding cyber policy wordings, identifying coverage differences and applying this knowledge to practical scenarios.
The module begins by examining the different covers available under cyber insurance policies, including first-party losses, Crime and Social Engineering Fraud, third-party liability, and fines and penalties where insurable. Participants will explore the triggers for these covers, common exclusions and important differences between insurer policy wordings. Particular attention is given to locating and interpreting relevant coverage provisions and understanding how differences between policies may affect clients.
The second part of the module examines cyber-related legislation and regulatory obligations, including the Privacy Act and the role of the Office of the Australian Information Commissioner (OAIC). Other relevant Australian legal obligations and aspects of international privacy requirements are also explored. The module concludes by examining cyber incidents and privacy breaches, highlighting the evolving nature of cyber risks and their potential consequences for businesses.
Interactive exercises and progress checks are incorporated throughout the workshop. These include locating and comparing covers in actual insurer policy wordings, identifying potential coverage issues and examining practical cyber-related scenarios. A short test is available following the workshop.
On completion, participants will be better equipped to understand and interpret cyber insurance coverage, identify material differences between policy wordings, recognise cyber-related exposures and understand relevant legal and regulatory considerations. Combined with the Selling Cyber Insurance module, this training provides a broader understanding of cyber insurance, cyber risks and how to discuss these exposures with clients.
