Cyber Insurance. Done Right.
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Preserving the confidentiality of business data is now of pressing importance.
That’s why a quality cyber protection insurance policy should be specifically tailored to your business setup and over-arching business insurance policy.
The risk of data breaches and cybercrime has grown exponentially over the past 10 years, leaving your business information more prone to cyber-attacks from cyber criminals as we have witnessed recently with Optus and Medicare in Australia.
Facing liability issues off the back of a cyber security breach can have dire implications for your business and professional reputation. Ignoring cyber threats and cyber attacks can leave your business hundreds of thousands of dollars out of pocket. In today’s day and age, cyber security is of utmost importance.
Cyber risk insurance explained
Cyber risk, cyber security or cyber insurance is designed to protect your business from the financial impact of computer hacking or a data breach.
For all types of businesses, a robust cyber protection insurance plan serves to protect in broad instances such as:
- Ransomware
- Hacking
- Employees usurping confidential information
- Cyber crime
- Loss of income
with many variations to these depending on your circumstances and business assets.
Why do I need cyber protection insurance?
Concerns over privacy and theft of information are further validated by an increasing number of cybercrime reports emerging worldwide. With most businesses now using electronic data, it’s crucial to stay up to date with your cyber insurance in case of any data theft or cyber risks.
Most businesses are vulnerable to cyber hackers because websites and electronically stored records are now generally found as a normal part of running a business. Client data is also mostly stored online now, making the digital world a risky landscape to handle without some sort of cyber insurance to cover you in case of a cyber breach.
The financial loss isn’t the worst part when in the instance of hackers having a successful jaunt—it’s the threat of your intellectual property and clients’ personal information being exposed because of a data breach. Disastrous for anyone’s reputation.
What can it cover?
Cyber insurance policies vary in the benefits they provide for cyber risk, but generally covers:
- Data protection and liability
- Cyber extortion
- Loss of income
- Outsourced service providers (hack to their system)
- Response management, including legal defence costs
What usually isn’t covered?
Exclusions and the excess you need to pay can vary greatly depending on your insurer. Cyber insurance policies generally won’t include cover for:
- Criminal actions committed by you or your business
- A cyber attack based on facts of which you were aware
How does cyber insurance cover business interruption?
Within a cyber insurance policy, most insurers provide an aspect of business interruption coverage that intends to cover business owners from the loss of income incurred after cyber attacks.
A privacy breach or a successful cyber attack can leave a business with faulty computer systems, lost data, malware, and so on. Ensuring you have cover afforded under a Cyber Liability Insurance policy, you can be ensured that your cyber cover kicks in and reimburses you for any financial loss within the time taken to repair your IT systems.
Most cyber insurance policies will also provide credit monitoring services that allow the insurer to track a company’s credit line following a breach. This helps to track possible data leak attackers and can be the make or break in tracking down cyber criminals.
Cyber protection insurance overview
| Type of Cover | Potential Benefits |
|---|---|
| First Party Lossess | |
| Business interruption losses | Covers financial loss you may suffer as a result of a cyber attack |
| Cyber extortion | The cost of a cyber attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats |
| Electronic data replacement | The cost of recovering or replacing your records and other business data |
| Third Party Losses | |
| Security and privacy liability | Damages to your reputation resulting from data breaches, such as loss of third party data held on system |
| Defence costs | Funds the legal end of the costs of defending claims |
| Regulatory breach liability | Legal expenses and the costs of fines arising from investigation by a government regulator |
| Electronic media liability | The costs of copyright infringement,defamation claims and misuse of certain types of intellectual property online |
| Extra Expenses | |
| Crisis management expenses | Provides cover for the costs of managing a crisis caused by cyber hackers |
| Notification and monitoring expenses | The cost of notifying customers of a security breach, and monitoring their credit card details to prevent further attacks |
Precision, performance and expertise
We’re proud of the standards our team upholds. Every possible risk is examined and minimised through our exhaustive (but simplified) process run by our professional cyber insurance brokers.
