In today’s evolving technological landscape it is crucial to have Cyber and Cyber Crime coverage in place. With new risks emerging on a daily basis, the right coverage can protect your business and your clients against loss.
Cover can be arranged to protect against losses arising from website errors or omissions, first or third party privacy breaches, reputation damage and a host of exposures facing businesses today. Coverage for Cyber Crime can also be taken out.
Cyber crime reportedly doubled in Australia in 2016. Cyber-attacks result in significant losses to businesses and their clients. No business is safe from cyber attacks. Cyber criminals are becoming more sophisticated and are increasingly using tactics such as identity theft. They do this to hack into systems or company processes, obtaining access to company bank accounts and trust funds.
Why Choose Coverforce?
Our knowledge and experience
At Coverforce, we have been promoting the importance of Cyber coverage for many years. We provide sound risk advice and placement for Cyber and Cyber Crime cover to hundreds of Australian businesses, across a range of industries.
Market leading product offering
We provide a top tier, competitive Cyber and Cyber Crime policy designed to ensure you are sufficiently covered. Many traditional insurance policies have not kept up with the evolving technological landscape. Our policy is specifically designed to provide comprehensive protection for the cyber, privacy and media risks faced by your business in your day to day operations.
- Cyber liability, privacy liability and first and third party privacy breach notification costs
- Comprehensive cyber crime cover. This includes telephone hacking, identity theft, wire fraud, cyber extortion and phishing scams
- Data held ‘in the cloud’
- Consequential reputational harm cover. This gives direct protection for loss of net revenue as a result of a security breach or denial of service (DoS) attack
- Comprehensive multimedia liability. Protecting you against claims for intellectual property rights infringement (relating to all forms of content)
- No retroactive date, meaning there is no restriction on when the event which resulted in the liabilities took place
- Regulatory actions and investigations
- Technology errors and omissions
- Court attendance costs
- Crisis communication costs
Phishing scams: Attempts to trick you into giving out personal information such as your passwords and credit card numbers.
Denial of Service (DoS) attack: An attack by one computer and one Internet connection to flood the bandwidth or resources of a targeted system.
Limits, deductibles and premiums
- Limits available up to $10,000,000
- A range of deductibles available, from as low as nil
- Premiums starting from as little as $150 for a $1,000,000 limit
What's the difference between Cyber and Cyber Crime Insurance?
Cyber policies cover:
- First Party costs (own costs relating to a Cyber event EXCLUDING loss of actual money)
- Third Party costs (third party costs relating to a Cyber event)
Cyber-Crime policies cover:
- Costs relating to theft of actual money as a result of a Cyber-Crime event
Who's it for?
Cyber and Cyber Crime insurance are important for all businesses. You rely on your online data for the daily operations of your business and your clients trust you to keep their information safe. A breach of this trust can cause significant fines and penalties.
By putting the right systems in place to protect your valuable and confidential data, you can rest assured knowing you’re protected.
We can arrange cover via a packaged Management Liability policy, or via standalone Cyber and Crime Insurance policies.
This policy does not replace Crime cover available under Management Liability policies. Traditional Crime cover for Employee Theft still needs to be purchased.
For more information or to arrange cover, speak to one of our friendly brokers today on 1300 503 503.