Cyber Insurance
Cyber insurance is a fairly new form of cover, designed in response to the growing costs of data breaches and hacking to SMEs. The frequency and severity of cyber threats to Aussie business are increasing. Protect your business from digital breaches with cyber insurance.
The resource of choice for the country’s most forward-thinking insurance professionals.
The resource of choice for the country’s most forward-thinking insurance professionals.
Cyber Insurance
Rely on a reputable insurance broker
What is Cyber Insurance?
Cyber insurance is a fairly new form of cover, designed in response to the growing costs of data breaches and hacking to SMEs.
The Australian Cyber Security Centre has some great guides to cyber-security for businesses. In this day and age, especially with the growth of cyber threats, it’s important for your security and data protocols to be adequate.
Most businesses have websites that are vulnerable to cyber-attacks. Even if you don’t have a website, almost every business uses some form of accounting or cloud-based software (think MYOB, Xero, Microsoft 365, etc.). These are all vulnerabilities.
What can be covered
- Legal defence costs
- Loss of income after a cyber event
- Third-party notification costs
- Extortion & ransom costs
- Restoration & investigation
- Public relations
- Accidental copyright infringements
What may not be
- Deliberate or intentional acts
- Physical damage to computer equipment
- Losses from power surge or infrastructure fault
- Failure to comply with PCI DSS requirements
Get started with cyber insurance
Enjoy the peace of mind of cyber protection - Get your quote today.
Cyber Insurance Claim Example
Damon is the practice manager for a small dental clinic. One of their staff clicks on a link within an email, and accidentally downloads malware which locks the entire practice network down, and requires $50,000 ransom to be paid in Bitcoin to unlock it.
Damon contacts the emergency cyber response line for their cyber insurance policy who immediately appoint a specialist to come and evaluate the situation. The specialist authorises payment of the $50,000 ransom, and fortunately – the system can be unlocked.
The downtime for the practice was less than 1 business day, but Damon was able to rest easy knowing that if the unlock was unsuccessful, the practice’s lost income would have been reimbursed while they tried to restore/recover their data.
Why Choose CIB?
Consolidated Insurance Brokers can help by placing you with the best policy for your needs. We’ll find you the most competitive rate possible, and offer advice to ensure your insurance protects what matters.
Our Expertise
Committed to finding you the best insurance solution, our team of knowledgeable insurance brokers will get you the best price available
Your Partner
Safe time and effort by letting our team of expert insurance brokers do the work for you, we can manage your insurance on your behalf.
Clear Terms
We will put an end to the endless jargon, we can help you understand your quotes and policies in clear terms.
Full Cover
We are able to access insurance policies that are not available when buying direct, allowing us to get you a more comprehensive cover and better benefits.
What our clients have to say
109 James Street, New Farm
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I recently had the privilege of connecting with Mark McGuire. I had never used a broker for my Strata Insurance, but it was the best decision I made this year. Not only did he save us nearly $1600, but the properties are … More now insured for more and with better coverage options. He was extremely efficient and made the process very easy. I could not recommend his services any more highly!
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I can't recommend Alison and the team highly enough. I had an urgent request for building insurance and Alison ensured we became a priority as we had to have insurance within the day. She tailored our request to get … More the best possible cover and price. Thank you!
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I have just started my own business and insurance is a must I contacted consolidated insurance brokers and was able to speak with someone who knew what I needed and was very helpful with ideas on having the correct insurance … More policies.If you want insurance at the best rate possible look no further.Tracey Eaton has many years of experience dealing with insurance companies and will find you the best rate possible.Having a broker like Tracey gives me piece of mind that I will always only pay for things I need for my business.Thank you Tracey for all your help with getting the right insurance for me.
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If you need an exceptional insurance consultant, I strongly recommend Clayton at Consolidated Insurance Brokers! He is the best! From our first conversation, my requirements were understood and concerns availed. With strong … More policy knowledgeable and sharp solutions, Clayton made clear the process, showing professional care for me and my business specific needs. I am very pleased with the identified solution from a top tier insurance firm at a great competitive price. I very much enjoyed our conversations and now look forward to welcoming Clayton to my cafe.
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Alison went out of her way to provide information need to review an existing account with another broker. It was easy to explain what was wanted and recommendations from Alison enabled the review to flow. Her knowledge of … More the Insurance world impressed me and she is a pleasure to speak with. Alison is credit to the company and is easy to speak with. I was sorry we could not get a better figure. but she did her best. Thank you for allowing me to comment.
How can we help?
With access to a range of quality insurers, and policies not available to the public, we can offer you a range of competitive cyber liability insurance quotes.
We’ll help you compare the price with the coverage offered for each, so you can make the best decision for your needs. For every new business quote and renewal, we break down all important changes and comparisons for you in plain English.
Say goodbye to the uncertainty of not knowing when — or if — you’re covered, and enjoy the peace of mind of cyber protection.
Frequently Asked Questions
There are many benefits of using a broker over buying directly from the insurer. Insurance brokers:
- Work on your behalf to secure you better protection through their negotiating power
- Help you understand your risks and empower you to make better life / business decisions
- Ensure insurers are held accountable to their promise to protect what you value during claims
- Save you time and money by taking care of comparing and customising policies for your needs
No Obligations, Completely Free
Get a Quote Today
Talk today with our team to find the right kind of insurance that will suit your needs.
