Cyber Insurance

cyber crime insurance AustraliaCyber Insurance Liability is designed to protect your organisation from the damages and loss from a cyber crime.

When you become the victim of a cyber crime, the biggest impact to you will be MONEY LOSS.

You also have to deal with the stress of restoring your IT systems, operational delays, lost sales, angry customers and reputation damage.

How long can you keep running your business using pen and paper?

(Probably not very long)

It’s important to get your business back online as soon as possible.

Unfortunately, standard property insurance policies are unlikely to respond to a cyber event and many extensions in professional indemnity and management liability covers may be inadequate.

The RIGHT Cyber Insurance can ensure your business is covered.

What does Cyber Insurance cover?

  • immediate expenses, such as crisis management costs, hiring a public relations firm to manage a data breach incident, a forensic IT expert to identify how it happened and where it came from and expensive legal costs;
  • the significant costs associated with providing a breach notice to every individual who has been affected by the data breach;
  • expenses to repair and restore computer systems and replace loss of business income resulting from the incident;
  • costs to defend claims from third parties and eventual claim settlements, the costs of regulatory investigations and cover for fines & penalties insurable at law;
  • expenses to deal with cyber extortion threats and payments;
  • media liability claims, such as defamation or breach of copyright, which results from your electronic publishing.

Cyber crime costs include damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm. (Cybersecurity Ventures)

Cyber Insurance Claims Examples in Australia

Cover for Privacy Notification & Crisis Management Expenses:

A medical centre with 1,500 medical records suffered a breach due to a cyber-attack on their outsourced managed service provider.

An IT Forensic specialist was appointed and confirmed that all the records held may have been compromised including names, addresses and medical records of patients.

Cover for Privacy Notification & Crisis Management Expenses:

An employee at a marketing company emailed a group of clients to promote a new marketing package.

Instead of attaching the promotional flyer, the employee accidentally emailed a spreadsheet with sensitive client information, including financial data.

Cyber Insurance will cover the costs of the notification to the individuals and the privacy commissioner and related expenses including legal and public relations expenses.

Data Recovery & Business Interruption Expenses:

An employee opened an email that contained ransomware which locked their IT system down.

The ransom was not paid and IT Investigations confirmed no personal information was compromised, however recovery of the IT system took two weeks.

Cyber Insurance will cover the cost to restore the system and loss of business income incurred.

Multimedia Liability:

A director of a business made disparaging comments against a competing firm via social media. The comments were made in response to the director’s firm missing out on a lucrative contract that was awarded to the competing firm. The competing firm took offence to the comments and demands were made against the director for reputational damage.

Cyber Insurance covered the settlement and legal costs.

Social Engineering cover:

An employee in the accounts department of a business received an email from who they believed to be a regular vendor requesting payment for goods supplied.

The email stated the vendor’s bank details had changed due to an audit and payment should be made to the new bank account provided.

The employee paid the vendor, however after an investigation between both parties it was concluded that the email was illegitimate and the money could not be recovered.

Cyber Insurance can cover electronic funds transfer fraud.

Cyber Insurance Quotes

Cyber risks and insurance products are complex.

The way you use technology in your business is unique.

The conditions in every Cyber Insurance product is different.

We would encourage you to make sure your broker actually understands IT systems and cyber risks – sadly, not all do – before you entrust your business survival to their advice.

Next Step

Get started and request a Cyber Insurance Quote below.