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Cyber Security Insurance

Cyber Insurance

Cyber risk is one of the leading risks for Australian small to mid-sized businesses, with companies employing between 1-250 people the most risk.

A recent survey by McKinsey and Company found that half of cyber risk events for small businesses incurred at least $100,000 in losses. Almost a quarter (23%) were greater than $1m. The average time taken to restore affected systems was 19 days.

In response, cyber insurance has now been developed for small and medium businesses to help manage against this risk.

Cyber insurance is designed to meet any material cyber risks facing your business directly or indirectly through a third party. It will also cover you if someone tries to commit fraud by falsely claiming your company was at fault because of alleged failures in security.

A cyber incident can be as simple and innocent as attaching the wrong file to an email or using an image on your website which has been copyrighted by another entity to more complicated situations such as a hacker attack and loss of customer information.

The policy is likely to cover your business against:

  • Claims against you for privacy breach and loss of employee, personal or corporate information
  • Loss or damage to your IT systems, records and data
  • Business interruption arising from a cyber event
  • Liability arising from a hacker attack or virus
  • Brand and personal reputation protection
  • Copyright and trademark infringement
  • Costs of negotiating and mediating due to an extortion attempt
  • Breach of statutory duties
  • Fines and penalties incurred due to a privacy breach, as well as cover for your defence and investigation costs

We are committed to making life easier for small and medium business owners with insurance that’s easy to understand, buy and manage. If you’re a small business owner, your job is anything but small, so when it comes to protecting your business with the right cover, it helps to have an expert on your side.

If you would like to find out more about how cyber insurance can help your business, please give us a call on (08) 6383 2000 or drop by our office for a chat.