Cyber insurance protects businesses against the costs incurred as a result of a cyber attack and a business’ liability for a data breach in which personal information is exposed or stolen.

In todays world, technology is becoming increasingly crucial to the fast-paced, ever-evolving business world, and the internet is an enormous part of this. However, businesses that utilise technology to store information and also access the internet are exposed to risks such as data breaches, business interruptions, fraud and theft.

Unfortunately Australia is a prime target for cyber thieves given our high technology adoption rate and electronic payment preference. With 84% of Australian businesses being online, over 12,000 cyber attacks reported so far in 2017 (with the average attack costing $276,323), its imperative that you get your business covered today.

Who needs it

• Any business who utilises the internet on devices that have sensitive information stored, including client information,

• Any business who takes payments electronically.

Covers that are typically included

• Business interruption expenses – covers loss of income and related expenses in order to continue trading following a data breach,

• Credit monitoring for affected customers,

• Fines and penalties incurred following a data breach which results in a regulatory claim,

• Legal cost of defending claims.

• Blackmail and extortion – protection against ransom costs should a criminal gain access to sensitive information and threaten to release it.

• Theft and fraud – cover for the loss or destruction of data following a data breach,

• Forensic investigation and recovery – covers the investigation costs to determine the level of exposure and replace/restore lost data,

• Incident response and public relations – covers the immediate expenses necessary to notify the public of a breach and handle the ongoing advertising campaign,

• Notification costs of notifying your clients of a data breach,

• Legal expenses should your business become liable to pay damages (e.g. where a clients reputation or intellectual property was damaged by your failure to secure their data).