Cyber and computer crime is one of the leading risks facing business globally, with smaller businesses being particularly vulnerable. It can take just one successful cyber-attack to cause significant financial and reputational damage to your business.
That's why it is crucial that your business prioritise cybersecurity and implement measures to help prevent compromise to your essential online systems, digital assets and sensitive information.
What is Cyber Insurance?
Cyber Insurance is designed to protect businesses from the financial losses and legal liabilities associated with cyber-attacks. These policies typically provide cover for various aspects of cyber risk, including data breaches, network security failures, ransomware attacks and other cyber incidents as well as legal expenses 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.
How Westminster Coverforce Can Help
Our experienced team of insurance brokers are here to help. They will take the time to assess your business' individual cyber risk requirements and exposures and deliver a comprehensive insurance solution tailored to your specific business needs.
For more information or to arrange cover, please contact our team at 08 6210 8888. Alternatively, you can simply fill out the quote form below and one of our insurance brokers will get in touch with you shortly.
