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Get peace of mind and protection against cyber attacks, such as computer hacking, ransomware or data theft.
Get peace of mind and protection against cyber attacks, such as computer hacking, ransomware or data theft.
Cyber insurance is designed to help protect your business from the financial impact of computer hacking, ransomware or data theft.
Every business that has a website or keeps electronic records is vulnerable to cybercrime or a data breach – and the consequences of a cyber event could be very costly.
Depending on the situation, you may be up for the cost of ransoms or IT remediation to repair your systems.
You could also be liable for the costs of reporting the breach, legal claims, and remediating any losses suffered by your customers or clients. In Australia, if you spot a security breach, you’re also legally required to report it to the Office of the Australian Information Commissioner. You’ll also need to notify the people whose information has been affected.
Remember, a cyber attack or data breach may cost your business more than just money. It could threaten your intellectual property, put your customers’ personal information at risk and cause major damage to your business’ reputation.
Cyber insurance coverage may vary depending on the insurance policy and insurer. Our insurance brokers can help you find the most suitable product that meets the needs of your business.
To give you an idea, here’s the type of cover that your policy may include:
If your business has a website or electronic records, it’s likely that your business will be faced with a cyber attack at some stage.
Cyber insurance coverage can help with financial losses to your business, your customers and other parties following a cyber security breach.
Your employee opens an email attachment infected with a ransomware virus. Access to your systems and data are blocked and the virus software informs you that it will remain unavailable unless you pay the ransom amount.
Rather than paying the hacker and opening your business up to further extortion attempts, you hire external IT consultants to recover your back-up data and files and upgrade your antivirus software. Over the week it takes to apply these fixes, you have to close your business, causing you to lose revenue. It also affects your reputation with your clients; one of your clients threatens to sue you for the delay which cost them a large amount of money.
A cyber insurance policy allows you to recover some of the costs you incur during this incident. Depending on your policy, you may be able to make a claim for losses caused by the interruption to your business, the costs of recovering your data and upgrading your software, and ongoing crisis management expenses.
Exclusions and the excess you need to pay on cyber insurance coverage can vary greatly depending on your insurer.
Policies generally won’t include cover for:
There are other exclusions which our insurance brokers can outline for you.
Personal cyber insurance is also available for individuals and families.
Cyber insurance generally covers the financial impact of computer hacking, ransomware, or data theft. This could include business interruption losses, the costs of a hiring negotiation experts, the costs of extortion demands and prevention of future threats, electronic data replacement, legal expenses, security, and privacy liability.
Cyber insurance is designed to protect your business from the financial impact of computer hacking, ransomware, or data theft.
The cyber insurance cost can vary widely depending on the needs of your organisation, including:
Our brokers can help tailor a cyber insurance policy for you and provide accurate cyber insurance cost estimates.
For most businesses the answer is yes, you should consider cyber insurance.
However, it’s important that you take proactive measures to ensure sound security management is in place within your business and that security software is used to minimise your businesses exposure.
We know that navigating the world of insurance can be complex and confusing.
Even if you don’t know the first thing about insurance, we provide the expertise and support to help you understand your risks so that you can focus on your business.
Having a sufficient cyber insurance policy is an essential part of being prepared to respond to a cyber attack.
It’s important to make sure your cyber insurance policy provides your business with adequate cover, which will depend on the nature of the business. Talk to us to find the right solution for your business.
Protection for your business, premises, contents, stock, equipment and reputation.
Business Interruption Insurance protects your business’ ability to keep on running when unexpected interruptions such as property damage occur.
Help safeguard yourself and your family against online risks with personal cyber protection insurance. Get a quote online today.
Call us on 02 4969 8100 or request a call back.
We know that navigating the world of insurance can be complex and confusing. Our brokers compare the myriad of insurance options on the market for you, providing expert advice to implement your chosen plan.
We empower thousands of Australian businesses to focus on what they do best, knowing they’re protected against any possible eventuality.