RIMPA RIMPA Cyber Protect

Introducing RIMPA Cyber Protect: Safeguarding Your Business in the Digital Age

In today's increasingly digital world, cyber threats pose significant risks to businesses of all sizes. In 2023, the Australian Government’s Australian Signals Directorate (ASD) released alarming statistics which talked to the growing impact of cybercrime to Australian business reporting of nearly 94,000 cybercrime reports, up from 23% the previous year.

This is an average of a report every 6 minutes!

Recognising the growing need for protection, RIMPA Global, in partnership with Howden, is proud to introduce RIMPA Cyber Protect - a cyber solution offered exclusively to RIMPA’s Members. This product offers protection against a range of cyber events, providing your organisation the ability to recover quickly and effectively in the face of a cyber incident.

This product also provides access to expert advice, legal support, and crisis management resources following a cyber incident.

Whether you're dealing with a data breach, ransomware attack, or resultant reputational damage, RIMPA Cyber Protect can help you be prepared. Interested? Download the below brochure for further details:

The Effects of a Cyber Event

Cyber events, whether malicious or committed in error, can cause a variety of problems for businesses of all sizes and sectors. Outages, failures or damage to IT infrastructure can lead to significant financial loss, business interruption and even physical damage.

Data or privacy breaches can result in regulatory investigations, legal proceedings and reputational damage. The legal and regulatory equipment is rapidly developing and businesses must understand the implications of their actions or inaction.

Security and privacy events can be sudden, so a pre-determined incident response process involving the right vendors is vital in stopping matters from going from bad to worse.

Common incidents that trigger cyber insurance claims include:

Ransomware attacks: Hackers lock files or devices and demand payment for their release.
Data breaches: Confidential data is stolen or exposed due to threats or human error. Restoring data can be costly and time-consuming.
Wire fraud: An employee is tricked into sending money to a scammer. Scammers often impersonate senior leaders and create urgency to act quickly
System failure: System outages can cause shutdowns, whether malicious or not.
Business interruption from reputational harm: A cyber event can damage your business reputation, leading to significant revenue loss. Years of positive reputation can be destroyed in seconds. A crisis communication expert can help mitigate the damage.
Social engineering: This tactic manipulates or deceives employees to gain system control or steal sensitive information. Psychological tricks are used to make security mistakes or reveal confidential data.

How does RIMPA Cyber Protect work?

What are some features of RIMPA Cyber Protect?

Exclusive Member Benefits:
As a RIMPA Global member, you’ll may benefit from a Discretionary Trust model where pooled contributions are managed to cover eligible losses. Unlike traditional insurance, any profits are utilised to benefit members by reducing future costs and enhancing risk management practices.

Expert Support and Response:
In the event of a cyber incident, you’ll have 24/7 access to a dedicated claims team and a network of specialists, including:

Digital Forensics: To investigate how the breach occurred and prevent further damage
Legal Advisors: To navigate incident management and regulatory compliance
Crisis Communication Experts: To manage public relations and protect your reputation

Regulatory Compliance:
With Australia’s evolving data breach laws, timely notification and compliance are critical. RIMPA Cyber Protect can assist your organisation to meet its regulatory requirements, with coverage for notification costs, investigation costs and fines, where insurable.

Proactive Risk Management:
Ongoing education and insights into the latest cyber security trends.