Cyber attacks are one of the leading emerging risks for businesses in Australia
What is it? and why you need it?
Cyber Protection Insurance is a relatively new form of cover. It’s designed to help protect your business from the financial impact of computer hacking or data breach.
If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, it’s likely that your business will suffer a cyber attack at some stage. A cyber attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.
What can it cover?
Cyber Insurance policies vary in the benefits they provide. Our knowledgeable staff can help you find the most suitable product that meets the needs of your business. The cover may include:
- Privacy Breach (Data breach)
- Cyber extortion
- System Damage
- Computer Virus & Hacking
- Data replacement
- Business Interruption losses
- Multimedia Liability
- Computer Crime
- Privacy Fines & Investigations
- Privacy Breach Notification & Loss Mitigation
- Brand Protection
Data Breach Reporting -
Effective 22nd February 2018 - are you ready?
What is a notifiable data breach?
Put simply, if you breach the privacy laws and this results in unauthorized access to or disclosure of information, or information being lost in circumstances where this is likely to occur, the breach will be notifiable if it is reasonably likely to result in ‘serious harm’ to an affected individual.
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 Protection 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.
What usually isn't covered?
Exclusions and the excess you need to pay can vary greatly depending on your insurer. Policies generally won’t include cover for:
- Damage to computer hardware
- Criminal actions committed by you or your business
- A Cyber attack based on facts on which you were aware
- Criminals using the internet to steal money from you.
Our staff can find the most suitable product that meets the needs of your business. And explain any other exclusions.
Price & security
Offering competitive premiums and quality service, our insurance policies are available Australia wide and provide you with the security of Australia's largest Insurers. We also offer a choice of flexible payment options.
Download our form to obtain a quote, or feel free to contact us on 1300 764 244 to talk to one of our friendly staff.
Please read our General Advice Information Page when considering purchasing an insurance product.
Please refer to the Insurer's Product Disclosure Statement (PDS) or policy wording when deciding if this product is right for you.