More than a third (37%) of managed service providers in New Zealand and Australia have reported attacks on SaaS applications, says Katrina Shanks, CEO Financial Advice NZ, “…the highest rate globally”. And she says just six out of 10 FAPs in her organisation’s liability programme have a cyber risk insurance policy.
However, she says the organisation’s liability programme, which is available to new and existing members, offers:
- Professional liability insurance
- Management liability insurances
- Cyber insurance
“The programme has no aggregated limit and it now covers fire and general risk,” says Shanks.
Cover is being offered to Financial Advice NZ members in partnership with Curated Risk, and Shanks says the offer has been designed specifically for the protection of FAPs and financial advisers.
“Obtaining professional indemnity insurance is important for financial advisers’ protection against potential claims made by their clients for financial losses or damages resulting from the advice provided,” says Shanks.
“Even if a financial adviser is highly skilled and provides excellent advice, mistakes can happen, and without indemnity insurance, they could be personally responsible for these costs, which could be financially devastating.”
Details on the insurance is listed here.