#Computer desktop covers full
#Computer desktop covers software

' Direct Financial Loss by reason of the loss resulting directly from the damage or destruction of Electronic Data, Electronic Media or Electronic Instruction owned by the Insured or for which the Insured is legally liable while stored within a Computer System covered under Insuring Agreement 1…' Inchcape claimed indemnity for its losses under the Policy, relying on Insuring Agreements 2 and 3, which provided the following cover: The Policy is a specialised policy which covers direct financial loss arising from a number of types of computer crime, and is much narrower in scope than Chubb’s general cyber insurance policy. Inchcape was insured by Chubb under its Financial Institutions Electronic and Computer Crime Policy (the Policy). Inchcape incurred various costs in responding to the incident, including the costs of conducting an investigation of the incident, replacing hardware, restoring software, reconstructing data, and arranging additional staff to manually process orders.

#Computer desktop covers software

Inchcape Australia Limited ( Inchcape), an automotive services firm, suffered a ransomware attack on its systems which encrypted its primary server, deleted the primary and offsite backups, deployed malicious software to laptops and desktop computers, and exfiltrated data from a shared drive.

The case is the first Australian judicial decision to provide guidance on the meaning of the expression “direct financial loss resulting directly from” a cyber incident.

The recent Federal Court decision in Inchcape Australia Limited v Chubb Insurance Australia Limited FCA 883 emphasises the importance of considering the precise wording of the policy when determining whether a cyber insurance policy will adequately cover an insured for potential losses.

#Computer desktop covers full

However, cyber insurance policies vary widely in their wording, and so it is particularly important for an insured to consider whether a particular policy will cover the full range of costs it may incur in the event of an incident. Australian businesses are becoming increasingly aware of the potential costs of recovering from a cyber incident, and the importance of cyber insurance in covering those losses.