Cyber Insurance

Protect Your Business With
Cyber Security Insurance

  • Business
  • Cyber

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What is Cyber Insurance?

Cyber insurance is designed to help cover your business’s financial losses if it falls victim to cybercrime. It can help cover a wide range of cyber-related risks, and risks relating to information technology infrastructure.

Why is Cyber insurance important?

Cyber insurance is a modern day crime policy that exists to help protect business against the threat of cybercrime as well as helps business recover after a cyber-crime.

This further emphasises the need for cyber protection as part of your risk mitigation strategy.

Cyber insurance can help cover financial losses to your business, your customers and other parties following a cyber security breach.

As we become increasingly reliant on technology, the potential impact of cyber-related incidents continues to grow.

Increased reliance on technology, digital products and third-party services to conduct business operations can significantly increase a company’s vulnerability to cyber security threats.

A typical Cyber Insurance policy can
provide you with the following services in response to a cyber attack

Security
Access Control

Access to a breach coach

Hotline

24/7/365 hotline

Team

IT investigators

Forensic

Forensic accountants

Privacy

Privacy lawyers

Consulting

Public relations consultants

Risk Management

Crisis management consultants

Team

Customer communications

Who should consider Cyber Insurance

Ecommerce
Any business that trades via a website or online platform
Mail
Any business
that uses email
Data
Any business that deals
with customer data
Swiping Machine
Retailers who use
EFTPOS machines
Laptop
Companies reliant on IT systems
to conduct business

No Company is Immune

Cyber risk is an enterprise-wide issue that affects companies large and small. The targets of cyber attacks span a multitude
of industries including Financial sector including:

  • Advertising, Architects & Engineers
  • Allied Health Providers including Doctors, Dentists & medical clinics
  • Construction
  • Printers and Publishers, Performing Arts
  • Real Estate
  • Government, Public Administration, Employment Agency & Non-profit organisations
  • Educators
  • Wholesalers
  • Law Firms, Management consultants and Marketing Consultants
Person Holding a Tab

Cyber Insurance can assist you with

Quality Check
  • Cyber incidence response costs including;
    • IT forensics, legal, breach notifications and crisis communications)
  • Cybercrime including;
    • social engineering, theft of personal funds, cyber extortion, ransomware attacks and unauthorised use of computer resources through crypto jacking or Bot netting)
  • System damage and business interruption including;
    • full data re-creation, income loss and extra expense, consequential reputational harm and hardware repair and replacement)
  • Network security and privacy liability including;
    • management liability arising from a cyber event and regulatory fines and penalties)
  • Media liability including;
    • defamation and intellectual property rights infringement)
  • Technology errors and omissions, court attendance costs

Cyber Insurance is primarily
broken up into three key components

First Party Costs

Covers the costs associated with responding to a cyber incident, including:

  • IT forensic costs
  • Data recovery costs
  • Virus extraction costs
  • Cyber extortion costs (including ransom demands from hackers)
  • Customer notification costs
  • Public relations costs
Third Party Losses Covers (against losses to others)

Your liability to third parties following a data breach, including:

  • Claims for compensation Legal and defence costs
  • Costs arising from investigations by a government regulator
    (notifiable data breaches)
  • Fines and penalties for breaching the Privacy Act
  • Third-party litigation
  • Payment Card Industry liability
  • Multimedia
Business Interruption Covers (Losses to your business)
  • Loss of income/profit
  • Business expenses Increased cost of operating your business
  • Preventative shutdown
  • Supplier outage
  • System failure

Types of Cyber claims

More than 95% of cyber claims are for losses for your own business, and they fall into three broad categories:

What's Covered
What's Not Covered?
Money

Theft of Funds

This is straight forward theft of money from a company’s bank account, generally through social engineering scams.

Data

Theft of Data

Identity theft has reached record levels around the world and in order to commit identity theft, criminals need data. Information such as names and addresses stored on a computer network can be worth more money than you think.

Big Data

Damage to digital assets

By either damaging or threatening to damage a firm’s digital assets, attackers know that they can extort money from their victims who might prefer to pay a ransom rather than see their business grind to a halt. Even after paying up, the victim is often left with systems that are unusable and costly to fix.

Small businesses are often seen as easier targets for cyber criminals due to often limited IT resourcing and investment. As a result, 96% of all cyber-attacks are directed at small and medium sized businesses.

Every policy has exclusions. There is also often a deductible or excess and limits on cover. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.

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Frequently Asked Questions On Cyber Insurance

Is Cyber Insurance Worth It?

Security failure and cyber-attack leading to data breach or theft of funds online, or illegal threats to damage digitals assets are events where having a cyber insurance can help you. Being in a digital era where most of the transactions have become online and data a huge asset, businesses have become more vulnerable to cyber associated risk and losses. Having a cyber insurance helps to cover for the financial and legal costs and liabilities of the company.

96% of cyber-attacks are seen to be of small and medium sized businesses due to their limited IT security systems and being easy targets to cyber-crime. Therefore, investing in cyber insurance is worth every penny

How Does Cyber Insurance Work?

Cyber insurance can provide a cover for company costs (first party costs) in the first place which includes data recovery costs, customer related costs, IT forensic costs and others alike that are directly related to the data breach and loss. It also provides for all the liabilities and third-party claims as a result of cyber-attack. In addition to these business interruption cover helps to handle the business losses, expenses and the impact of interruption in your business operations due to system failures.

Does Cyber Insurance Cover Phishing?

Phishing is the most common form of social engineering, where one can fall a victim to fraudulent activity. Yes, phishing is one of the clauses covered under cyber insurance policy, however it totally depends on the kind of phishing activity and the loss occurred due to such fraudulent practice. It is best to take the advice of cyber insurance experts to have a complete understanding of the clauses and features under a said cyber insurance policy, its scope and level of coverage that can be provided.