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.
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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
What may not be
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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.
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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
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Talk today with our team to find the right kind of insurance that will suit your needs.