Cyber Insurance for Businesses
Cyber and computer crime is one of the leading risks facing businesses globally, with smaller businesses being particularly vulnerable. In Australia alone, cybercrime costs the economy up to $1 Billion annually in direct costs.
In todays digital world, cyber crime and claims against businesses relating to privacy breaches are on the rise. Cyber criminals are known to target businesses across all industries and the impact of a cyberattack can be felt by businesses of all sizes.
It can take just one successful cyber-attack to cause significant financial and reputational damage to your business. Put cyber security back on the agenda for your business and don't let your core online systems be compromised. Safeguard your digital assets and the private information of your clients and employees with the right insurance cover.
When it matters most, Coverforce will be on your side. Our experienced insurance brokers will take the time to assess your business’ individual cyber risk management requirements and exposures and deliver a comprehensive insurance solution that is tailored to your specific needs.
Looking for more information?
Simply scroll down to find out more about Cyber Insurance, what it covers, policy limits plus important tips to reduce your cyber risks.
Cyber Insurance Policy Types
There are two main policy types / extensions we recommend to businesses and organisations looking to arrange Cyber Insurance, these are:
- Cyber Crime Insurance (or Cyber Crime Policy Extension)
- Cyber Liability and Privacy Protection Insurance
Please select a policy type above to view more information.
Cyber Crime Insurance
No business is safe from cyber attacks. Cyber criminals are becoming more sophisticated, committing internet and computer crimes using tactics such as social engineering fraud, phishing, phreaking or other forms of cyber fraud to steal money, company or client data from your organisation or business.
What does Cyber Crime Insurance Cover?
A typical Cyber Crime Policy (or Cyber Crime Policy extension) 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.
What are the policy limits?
- Limits available are generally up to $250,000. Limits above this will typically require a more comprehensive risk analysis and underwriting assessment.
Cyber Liability and Privacy Protection Insurance
As technology advances and more businesses have an online presence, Cyber Liability is a threat to all businesses. Inappropriate or illegal release of personal information such as customer or employee records, patient information and credit card details into a public domain can cause real damage to your business.
If a breach of sensitive information happens to your business, it will not only affect you financially but can threaten your intellectual property, client trust and reputation.
What does Cyber Liability & Privacy Protection Insurance Cover?
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.
What are the policy limits?
- Limits available are generally up to $10,000,000. Limits above this will typically require a more comprehensive risk analysis and underwriting assessment.
Reduce your Cyber Risk - Important Tips
The team at Coverforce urge all businesses to take the following key steps to minimise your cyber risks
- Ensure all employees undertake regular privacy training and understand your business's personal information handling procedures. It is important that you maintain written training materials for all employees.
- Regularly change passwords and strength of passwords to make sure your network is more secure.
- Periodically review your business's security systems and protocols to look for any security gaps and vulnerabilities.
- Enable 2 Factor Authentification (2FA) on all devices and online accounts that you use
- Perform regular data back-ups (3 sets of backups, 2 different mediums eg. hard drives/tapes), one offsite with regular testing
- Ensure your Antivirus & Malware protection is up to date
- Create a Cyber Security Policy and educate staff
- Establish a process not to change client or supplier bank account details without an in person or verbal verification
- Create a Cyber Attack Response Plan
- Take out suitable insurance cover
For more information or to arrange cover for your business, please contact our specialised team at your local Coverforce Office.
Alternatively, you can simply fill out a Cyber Insurance Quote Request Form below and one of our insurance brokers will get in touch with you within one business day.