Cyber Insurance

Cyber Crime Insurance is becoming essential in today’s digital world, as cyber threats continue to rise in volume and severity. Cyber criminals target businesses of all sizes, with small and medium enterprises (SMEs) being particularly vulnerable to cyber fraud, data breaches, and computer crime.

A single cyber attack can result in severe financial loss, breach of privacy, and reputational damage. Without the right Cyber Liability cover, your business could face costly disruptions and legal consequences.

What is Cyber Protection Insurance?

Cyber Insurance helps safeguard businesses from the financial losses and legal responsibilities that arise from cyber-attacks. These policies generally cover a range of cyber risks, such as data breaches, network security failures, ransomware, and other cyber incidents, along with legal costs and potential regulatory fines.

There are two main policy types / extensions we recommend to businesses and organisations looking to arrange Cyber Insurance:

• CYBER CRIME INSURANCE (OR CYBER CRIME POLICY EXTENSION)
  
  A typical Cyber Crime Policy will provide cover for theft of money as a result of a cyber crime event, for example social engineering fraud, phishing, phreaking or other forms of cyber fraud involving loss of money.
  
  Limits available are generally up to $250,000. Limits above this will typically require a more comprehensive risk analysis and underwriting assessment.
• CYBER LIABILITY & PRIVACY PROTECTION INSURANCE
  
  A typical Cyber Liability and Privacy Protection Policy will provide cover for:
  • First Party (own) costs and expenses (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurers policy wording.
  • Fines and penalties incurred as a result of a Cyber event, or breach of Privacy, as defined by the Insurers policy wording.
  • Business Interruption/Consequential Loss (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurers policy wording.
  • Third Party costs and expenses (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurers policy wording.
  
  Limits available are generally up to $10,000,000. Limits above this will typically require a more comprehensive risk analysis and underwriting assessment.