Cyber Insurance
Coverforce is the RICS Preferred Partner for Cyber Liability and Privacy Protection Insurance in Australia. Our experienced team have a wealth of knowledge and will be here to assist you when it matters most.
With cyber crimes and claims against businesses relating to privacy breaches on the rise, it is important to consider what cover is right for you.
Therefore, our expert insurance brokers will provide you with personalised risk advice, quality cover and highly competitive rates for Cyber Insurance cover. Should a claim arise, our in-house claims team will work with the insurer on your behalf to ensure you receive your full entitlement without delay.
For further enquiries or to arrange Cyber insurance cover, please contact your Service Team directly.
Cyber Insurance Policy types
There are two main policy types / extentions we recommend to businesses and organisations looking to arrange Cyber Insurance, these are:
Cyber Crime Insurance
No business is safe from cyber attacks. Cyber criminals are becoming more sophisticated and are increasingly using tactics such as social engineering fraud, phishing, phreaking or other forms of cyber fraud to steal money, company or client data from your 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.
Request a Cyber Liability and Privacy Protection Insurance Quote Now.
Reduce your Cyber Risks - 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
Contact Coverforce
To arrange a quote or to find out more about how your business can be better protected, contact your Service Team directly.
