Anticipating cyber crime
The media seem to be reporting on the occurrences of cyber crime on a daily basis. It is our priority to educate clients regarding the global issue as accountants still remain a prime target to cyber criminals. The month of June this year saw two major cyber attacks – WannaCry and Petya – both forms of ransomware which affected hundreds of thousands of computers globally. These occurrences confirm that cyber crime is not slowing down, in fact the incidences and the cost of attacks are perpetuating at alarming rates. Unfortunately, neither anti-virus software or IT support can 100% prevent an attack, and the side effects can be detrimental.
CPA Limited Liability Scheme update
A portion of Accountancy Insurance’s client accounting firms may be affected by the current CPA Australia Limited Liability Scheme which expires on Saturday 7th October 2017. We understand CPA Australia is continuing to work with the Professional Standards Council with a view to a new scheme being in place as soon as practicable.
For your professional protection, it is essential that you have a compliant professional indemnity (PI) insurance cover in place based on the requirements of your professional bodies. In light of a potential gap, and depending on the services you provide and your client profile, you may need to review your PI insurance and increase the cover limit particularly if you feel there is exposure to a claim greater than your current sum insured without the capped liability protection of the scheme limitation of liability. However, please check with CPA Australia regarding the members’ group professional indemnity excess insurance policy which takes effect as of 8th October 2017.
If you would like to discuss professional indemnity insurance or cyber insurance, please contact the Accountancy Insurance Professional Risks Department directly on 1300 552 867.
Karen McDonald | Associate Director of Professional Risks