KBI

Season’s greetings from the KBI team, partners, and friends. We wish you a very Happy Holiday Season and a peaceful and prosperous New Year! 🎄🎇

We thank our clients, friends, and colleagues for their continued support this year, and we look forward to continuing our work together throughout 2024!

Please note that our offices will be closed from midday Friday, the 22nd of December 2023, and will reopen on Monday, the 8th of January 2024. However, our claims team and brokers will be available and ready to assist during this time.

Last week, KBI’s very own Tyler and Alexander participated in this year’s Human Insights Conference for the Australian research and insights industry.

KBI has partnered up with The Research Society to provide a new specifically tailored insurance offering for their members.

This new partnership focuses on offering customised and improved insurance coverages for researchers, streamlined insurance process, specialist advice, and competitive pricing to ensure their members have the best possible experience for their insurance and reviewing their risk management.

It was amazing to connect and meet up with everyone at the conference. Many thanks to The Research Society for putting on the great event and having such an incredible line up of speakers!

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We are honoured to have collaborated with Pragma Lawyers last week on a panel discussion covering the topic of ‘Top Risks Your Board Should Know’ - giving updated and practical insight into the implications of a changing risk landscape for directors and officers.

The panel discussed emerging, changing and even 'uninsurable' risks, key legal mistakes to avoid in this current climate and the continued focus on ESG and its impact on businesses.

It was such a privilege to hear from our esteemed panelists - Travis Kenzle (KBI), Aaron McDonald (Pragma Lawyers), Steve Morgan (ESG Capital) and our moderator Lachlan Stretton. Thank you!

It was great to see everyone at the event!

How does your team stay warm in this colder than normal winter here in Perth? 🥶 Some of our team are wearing their new KBI hoodies to beat the cold snap at the office!

Happy TGIF everyone! 🌞

KBI and Mills Oakley recently hosted a presentation covering the topic of the WA Work Health and Safety Act (WHS ACT) that came into effect on 31 March 2022.

Special thanks to our guest speaker, Special Counsel Daniel Hill who discussed the key updates and information on WHS Act 2020 (WA) and the important implications for Directors and Officers.

Some great lessons around a “whole-of-business risk management approach” and the importance for businesses to adopt a clear crisis management policy and due diligence action plans.

It was great to see everyone at the event and we trust the discussion and insights to be of real value.

Thank you to all for coming!

It was fantastic to see so many (AIG) and (ASEG) members at the monthly meeting of the Mineral Exploration Group of Western Australia (MEGWA) this week.

Many thanks to the AIG for putting on the great event, which KBI was proud to sponsor, with guest speaker Bill Amann.

A big thank you to all who attended. We’re looking forward to the next one!

Recently, in an Australian first, an Australian financial services (AFS) licensee was found to have breached its licence obligations by failing to do all things necessary to ensure it adequately managed its cybersecurity risks.

The judgement highlighted that cybersecurity should be front of mind for all AFS licensees and while it is not possible to reduce cybersecurity risk to zero, it is possible to materially reduce cybersecurity risk through adequate cybersecurity documentation and controls.

ASIC expects 5 key things from AFS licensees:

· Be aware of potential consumer harms that arise from cybersecurity shortcomings
· Adopt good and active cybersecurity risk management practices to reduce potential harm to consumers
· Act quickly in the event of a cyber incident to minimise the risk of ongoing harm
· Report cyber incidents to the ACSC
· Ensure board members are well informed regarding cyber security and take responsibility for the cyber security strategy of the business

As cyber threats become an increasing and significant risk, it is important to understand that the above is also very relevant to most organisations, not just AFS licensees. Ensure you’re proactively reviewing and managing your cyber security risks.

https://www.allens.com.au/insights-news/insights/2022/05/Federal-Court-finds-cyber-risk-management-is-a-critical-obligation/

Several reports have found that ransomware, malware, and phishing continue to plague Australian organisations.

According to the Australian Cyber Security Centre, there were over 67,500 cybercrime reports made in 2020-21. An increase of nearly 13% from the previous year.

With many employees still working from home, businesses are becoming more concerned about the security risks and threats posed by the work setup.

In this article, we’ve worked with CT Group, one of the fastest growing IT providers in Australia to explore cybercrime and cyber insurance in 2022 – including how to mitigate cyber risk and how to address a key cyber-related exposure: business interruption.

How to Best Protect your Business against Cyber Threats & Interruptions | KBI Over the last 12 months, the rise of remote work has increased cyber risk and made companies more vulnerable to cyberattacks. While businesses are becoming more aware of cybercrime risks, there is still inadequate understanding of what the risks are, and how to mitigate and insure them.

KBI was fortunate to be a part of a terrific panel discussion this week covering the topic of ‘Cyber threats and the value of a quality MSP in 2022”.

Macquarie’s Daniel Bolt moderated an impressive panel featuring Adam Bennett (Red Piranha), James Sutton (Office Solutions IT), and our very own Nick George.

Attended by IT service providers across Perth, the topic sparked plenty of interesting conversations on navigating the ever-changing business landscape and how MSPs can deliver greater value and protection to clients.

Thank you, Macquarie Group for the opportunity and to all that attended for the supportive and positive feedback to the speakers.

Cyber risks continue to be one of the key areas of concern for businesses of all sizes and even government departments, as shown by the headlines flooded with new cyber-attacks daily.

Federal Treasurer, Josh Frydenberg, has unveiled the Morrison government 2022-23 budget, which includes a whopping $9.9 billion for cyber security over ten years.

This makes it the “biggest ever investment in Australia’s cyber preparedness”. The 10-year investment aims to enhance cyber and intelligence capabilities as concerns grow over threats from potential adversaries across the globe.

It is clear that the government is taking this issue seriously, which underpins the message that businesses (and individuals) should also be taking cyber risk very seriously.

If you have any questions about cyber security or where cyber insurance comes into play, please feel free to reach out to our team of specialist brokers.

https://kbigroup.com.au/what-we-do-service/cyber-insurance/