Cyber Insurance
Designed to help you recover from cyber threats, data breaches and digital disruption.
Why Cyber Insurance?
Many Australian businesses rely on technology, and even with strong cybersecurity measures in place, mistakes and breaches can happen. One malicious email click, one lost file, or one weak password has the potential to lead to lost revenue, damaged reputation, and even legal fallout.
Did you know?
According to the Australian Cyber Security Centre,there were 87,400 cybercrime reports in FY23-24. With figures this high, many Australian businesses are vulnerable to cybercrime and the costly consequences.
Cyber insurance can provide coverage for:
Coverage, benefit limits and exclusions may vary. Always refer to the insurance policy wording. General information is no substitute for professional insurance advice. Speak to your broker about whether you should have Cyber Insurance.
Understanding Cyber Insurance
Cyber Insurance is commonly held by organisations that handle customer data, operate online, or rely on IT systems for daily operations. It is particularly relevant for professional service firms, e-commerce businesses, healthcare providers, and any business with privacy obligations relating to their customers who operate their business digitally and need protection against cyber threats.
The cost of Cyber Insurance depends on factors such as business size, industry, revenue, risk exposure, and the level of protection required. Claims history and data security measures also influence pricing.
In the event of a cyber incident, contact your NQIB broker immediately. Claims may involve evidence such as IT forensic reports, legal correspondence, breach notifications or regulatory notices. Your broker will support you throughout the process.
Cyber Insurance is commonly paired with:
- Professional Indemnity Insurance
- Management Liability Insurance
- Business Interruption Insurance
Did you know? In early 2018, the Notifiable Data Breaches Scheme came into effect making it compulsory for any qualifying business to notify a cyber breach to all affected parties, as well as the Australian Privacy Commissioner. This legislation is applicable to Australian Government agencies, businesses and not-for-profit organisations with an annual turnover of $3 million or more, credit reporting bodies, health service providers and TFN recipients, among others.
For more information on the Notifiable Data Breaches Scheme head to the Office of the Australian Information Commissioner.
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