Cyber Insurance

We live in an increasingly online world where cyber attacks are become more frequent and advanced. Most Australian businesses are still yet unprepared for the threat that cyber attacks pose to their own business, their employees and clients.

These days, the vast majority of businesses depend on the their data, and should an incident occur where data were to enter the public domain, businesses face the prospect of potential losses through fines, compensations and costs as a result of business interruption.

Who needs it?

Cyber Insurance should be taken by any business that stores data or private corporate information. If your company holds information such as employee profiles, sensitive demographic information, credit card information, budget information, client lists or marketing plans within an IT system, Cyber Insurance should be seen as a necessity.

What’s covered?

Cyber Insurance covers a broad range of cover, which includes:

• Privacy management: Covers the costs associated with managing incidents, investigating their cause, resolving breaches, notifying everyone involved, and any legal and regulatory costs and fines.
• Media liability: Covers costs of restoration and repair to your website, your network and infringement of intellectual property rights.
• Extortion: Covers losses suffered as a result of extortion threats, including professional fees as a result of dealing with the extortion.
• Business interruption: Covers lost revenue as a result of an attack on your IT systems, or that of a supplier that prevents you from carrying on your business
• Network security liability. Third-party damages that occur as a result of “denial of access”. Expenses associated with data held on third-party supplier systems and costs that come as a result of the theft of such data.

Certain elements of Cyber Insurance may be covered by an existing insurance policy. However, even if an overlap of coverage is occurs, a specific Cyber Insurance policy will ensure that all of your risks are fully covered.

Give us a call today!
Speak to us today on 1300 710 665 , we can talk with you about a Cyber Insurance package for your business that covers you from every angle.