Cyber Crime Insurance
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Cyber Liability Insurance
... . Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to ...
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... of how easily a breach can happen. Cyber Liability insurance can provide financial protection by covering: ... in cident to: ACCC Scamwatch website to report a crime through their online form https://www.scamwatch.gov.au/ ...
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... as vulnerable to cyber crime, with almost 30% of Australian businesses experiencing a cyber attack of ... want to do is handle a cyber attack or data breach alone. Cyber insurance will also provide coverage for regulatory ...
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... themselves? What is the Notifiable Data Breaches Scheme? What to do in the event of a cyber attack or data breach What is Cyber Liability Insurance and why do small businesses need it? Did you Know? The average cost of a ...
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... as a Firewall While prevention is the simplest way to minimise the chance of a cyber-attack occurring, Cyber Liability insurance will help to reduce subsequent damage to your business by covering the expenses and legal ...
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... against fire, flood and theft. The poor take up of cyber insurance in Australia is startling, especially when you consider the fact globally the cost of cyber-crime is estimated to be $388 billion annually, and the ...
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... covered. Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to ...
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... personal information, cyber-crime, cyber extortion/ransomware and business interruption due to a cyber event. Give your small business an extra layer of protection of security with a Cyber Liability insurance policy. Get ...
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... . Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber – crime, cyber extortion/ransomware and business interruption due to ...
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... can provide valuable protection for your retail business from cyber crime attacks. Cyber liability insurance is a type of business insurance product, which protects your business against both the legal costs and ...
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... loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to a cyber event. Experience business insurance made easy Bookkeeping is a busy business and ...
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... covered. Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to ...
read moreStay Smart Online Week: Q&A with experts on Small Business Cyber Risks
... -cyber-security-guide.pdf https://www.cpomagazine.com/cyber-security/new-data-breach-trends-small-business-identity-records-now-target-1-for-hackers/ Ibid. Ibid. https://www.smartcompany.com.au/finance/fraud/cyber-crime ...
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... covered. Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to ...
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... are inadvertent loss or release of customer personal information, cyber crime , cyber extortion/ ransomware and business interruption due to a cyber event. Tax Audit insurance* No one likes a call from the taxman, so ...
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... . Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime , cyber extortion/ransomware and business interruption due to ...
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... covered. Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to ...
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... . Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to ...
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... covered. Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to ...
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... . Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber – crime, cyber extortion/ransomware and business interruption due to ...
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... a separate policy to your personal home contents insurance. Cyber Liability* Many mumpreneurs have embraced the flexibility of ... an online business. When it comes to cyber-crime, hackers don’t discriminate and can attack ...
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... . Which all resulted in a significant impact in cost, time and disrupted focus occurred. The cyber crime is on the rise, cyber insurance may be required Many small businesses think their business is too small to attract ...
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... more sophisticated, so do the types of crimes and threats crafted by cyber criminals. One way to stay alert and ... up to date Invest in Cyber Liability insurance* Cyber Liability insurance provides your business with an ...
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... best-run systems, it is possible for things to go wrong. In such cases, it is vital to have Cyber Liability insurance to help mitigate any losses that you suffer and to compensate any clients or customers who have their ...
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... must follow, having a plan for what to do if there is a data breach, and having a Cyber Liability insurance policy to cover claims if required. 3. The cloud isn't completely secure Cloud technology is now essential ...
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... today through BizCover. We offer a range of business insurance options to suit your business needs, including Cyber Liability insurance * . Cyber Liability insurance * is designed to help protect you from claims ...
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... associated with defending a cyber claim are also covered. Cyber Liability insurance can assist with inadvertent loss or release of a customer 's personal information, cyber-crime, cyber extortion/ransomware and business ...
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... Cyber Liability insurance can be a valuable tool in protecting your business. What is Cyber Liability insurance cover? Cyber ... provides an online form to report the crime through https://www.scamwatch.gov.au/report-a ...
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... of these things but if it is too overwhelming it's worth considering cyber insurance for your business . Most cyber insurance policies will not only cover your business financially but will help organise the retrieval ...
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... . Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber-crime, cyber extortion/ransomware and business interruption due to ...
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... scam s and over $700 , 000 in losses since the outbreak of the virus. Small businesses are not immune from cyber-crime and Cyber Liability insurance ca n be a wise choice when it comes to protecting your business online ...
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... your physical assets – Financial loss due to Business Interruption Related: Business Insurance Cyber Liability insurance* Business interruption costs Investigation and data recovery costs Fines and penalties Extortion ...
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... the client data or personal information you may be storing and the consequences if it were to be compromised. Cyber Liability insurance helps to protect you from claims and supports your profitability in the event of a ...
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... team members know how to handle a security breach, the crime will be easier to pin down. It's all about ... for any potential costs. For example, Cyber Liability Insurance covers your business against the expenses associated ...
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... for a data breach, something your business can do without. This is where Cyber Liability insurance* can help. Cyber Liability insurance is designed to help protect your gift shop business from claims and support your ...
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read moreHelp Protect your small business' reputation
... are aimed at SME's (Dual Australia, 2018). If your business were to be the victim of a cyber attack, Cyber Liability insurance is there to help by providing coverage for expenses and legal costs (which can add up very ...
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... responsibilities which can result in personal liability for alleged or actual wrongdoing. Cyber Liability Insurance* Cyber Liability insurance helps to protect you from claims and supports your profitability in the ...
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... action temporarily due to an event such as a fire, would you still be able to earn an income? Cyber Insurance * When you are handling and storing client data, the implications for your business if there was a breach or ...
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... aimed at SME's., yet is one of the least insured policy areas – don't become a statistic. Cyber Liability insurance provides essential financial protection if your system is hacked or you suffer a data breach by covering ...
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... And if you store sensitive information about your employees or clients you're an exceptionally prime target. Cyber Liability insurance is a 'must have' policy for all kinds of businesses that have an online presence. And ...
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... your business, not to mention the damage it can cause to your reputation. Related: Cyber Liability Insurance explained. Tax Audit Insurance With an increase in the number of small businesses being subjected to random tax ...
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... or due to malicious damage or some other defined event listed in the policy. 2. “I don't need Cyber Liability insurance, I don't work much online” In the fast paced, technology driven world, you may be surprised at how ...
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... to protect you from claims and supports your profitability in the event of a cyber breach or attack. Management Liability insurance : protects directors and officers and the insured company itself from the many exposures ...
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... . In this case, the restaurant was covered and the crime section of their policy covered them. Business Insurance cover options such as Management Liability and Cyber Liability are little known but have the potential to ...
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... * Take the time to consider the client data you are storing and the potential consequences if it were compromised. Cyber Liability insurance could help protect you from claims and support your finances in the event of a ...
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... to your business caused by an insured event (such as fire). Cyber Liability* Small retail businesses are an easy target for cyber criminals. Cyber Liability insurance helps to protect you from claims and supports your ...
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... data recovery costs Fines and penalties Extortion costs PR and crisis management costs Related: Cyber Liability Insurance Who needs business insurance in Victoria? The short answer is if you're running a small business ...
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... in a fire, storm or due to malicious damage or some other defined event listed in the policy. Cyber Liability*: Cyber Liability insurance helps to protect you from claims and supports your profitability in the event of a ...
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... reviewing your policy. If you have Building or Contents insurance, remember to review any changes made by any renovations ... step to help protect your business from cyber-attacks and crime. An IT policy is another step which ...
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... in a fire, storm or due to malicious damage or some other defined event listed in the policy. Cyber Liability* Cyber Liability insurance helps to protect you from claims and supports your profitability in the event of a ...
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... criminals however, are always finding new sophisticated ways to access systems and data. Therefore, a Cyber Liability insurance policy can act as your safety net against data breaches after being hacked or having your ...
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... information about your clients, whether its details about their personal health or billing information. Cyber Liability insurance helps to protect you from claims and supports your profitability in the event of a ...
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... coverage for the costs of accountants and other nominated professional fees incurred in the course of an audit. Cyber Insurance* As a restaurant owner your exposure could be at the payment desk - with your EFTPOS machine ...
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... the client data or personal information you may be storing and the consequences if it were to be compromised. Cyber Liability insurance helps to protect you from claims and supports your profitability in the event of a ...
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... the client data or personal information you may be storing and the consequences if it were to be compromised. Cyber Liability insurance helps to protect you from claims and supports your profitability in the event of a ...
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... you hold covered? Do you rely on electronic equipment/or specialist machinery to get your work done? Cyber Insurance* Consider the client data you are storing and if there was a breach of confidentiality by your system ...
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... you had stored was compromised. The impact could be devastating to your business. Cyber liability insurance is a type of business insurance product, which protects your business against both the legal costs and expenses ...
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... ha ve stored was compromised. The impact could be destructive to your business. Cyber liability insurance is a type of business insurance product, which protects your business against both the legal costs and expenses ...
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... costs associated with a data breach? If the answer is no, now may be the time to consider Cyber Liability insurance . Any business that trades through an online platform, uses email or IT systems, or deals with customer ...
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... to security-sensitive government data. This type of crime undermines the public's trust in online interaction ... may want to consider Information Technology Liability (ITL) insurance. A ITL policy can help protect you as a ...
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... Cyber crime Take ... insurance * Professional Indemnity insurance * Business Insurance * Building insurance * Contents insurance * Business Interruption insurance * Portable Equipment insurance * Cyber Liability insurance ...
read moreThe Remaining Risk: What Isn’t Covered and Why it Matters
... 85% of your income (up to $3,000 per week) until you can work again. Cyber Liability Insurance – Cyber Liability Insurance protects against the expenses and legal costs of data breaches or hacking, including the loss or ...
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... operate your business at full capacity for a few days, a month or even a year. Consider Cyber Liability insurance , especially if your business relies on a website or online activity. Malware is becoming more prevalent ...
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... from an insured event by paying ongoing expenses (such as wages or rent). Cyber Liability insurance Cyber Liability insurance protects businesses against the costs associated with data breaches, being hacked or the ...
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... enough to keep you busy day and night. Take the stress out of an ATO investigation with this insurance. Cyber Insurance* As a restaurant owner your exposure could be at the payment desk - with your eftpos machine hacked ...
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... out of action temporarily due to an event such as a fire, would you still be able to earn an income? Cyber Insurance* Consider the client data you are storing and the implication on your business if there was a breach of ...
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... liability, tax audit, employment practices and statutory liability risks. Cyber Liability* Cyber liability insurance is a type of business insurance product which protects your business against both the legal costs and ...
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... responding to an official tax audit, including accountants' Cyber Insurance *-helps to protect you from claims and supports your profitability in the event of a cyber breach or attack. Management Liability * -protects ...
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... nearly a third of the small business owner we heard from. Just 7% of survey respondents said they have Cyber insurance in place. One fifth of owners said having a great team was a key driver of confidence in their ...
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... Pack , Management Liability , Cyber Liability , Personal Accident & Illness , Information Technology , Tax Insurance and Allied Health . Insurance Business Australia selected the best insurance technology providers by ...
read moreNo Dramas
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... theft). BizCover can also help you with cover for Personal Accident and Illness , Cyber Liability and Tax Audit . *As with any insurance, cover is subject to the terms, conditions and exclusions contained in your policy ...
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What is Cyber Liability Insurance
Cyber Liability insurance* is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim are also covered. Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to a cyber event.
Hackers. These are not just dodgy movie characters but real life people, doing real damage to businesses across the globe, including Australia. If you’re thinking your small business down under is of no interest to these criminals, think again. Every business with an online presence is at risk of a cyber attack and with cyber crime claiming 6 million victims in 2018it might be time to bite the bullet and get the right cover for your business.i
In a nutshell, your customer data is sacred. If you don’t protect it properly, your business may be fed to the wolves.
If you’re still not convinced your business may be at risk, here are the cold hard facts about doing business in today’s technically advanced world:
- Cyber crime costs Australian businesses $1 billion annually – yet it remains one of the least insured policy areas.ii
- ‘Unisys Security Index – Australia, 2019’ revealed that 15% of Australians would stop dealing with an organisation if their data was breached.
Independent feedback from our customers rated our service at excellent.
What is included?
- Business interruption costs
- Investigation and data recovery costs
- Fines and penalties
- Extortion costs
- PR and crisis management costs
What is typically NOT covered?
- Replacement equipment
- Property damage
- Prior known facts / circumstances (before the policy commenced)
- Intentional acts
Download Cyber Liability Insurance Fact Sheet
Get the cover that is right for you
With the policies available through BizCover you can choose coverage amounts between $50,000 to $2 million
Sit back for a minute and think about this….it might be the first time you have considered the impact on your business if your website was taken offline? Could your business survive the reputation damage, and the losses associated with a data breach?
You should consider what your business requires including by reference to:
- The type of risks to your business and the likely cost to manage and recover from a data breach
- The amount and nature of customer data you store and the security arrangements in place to protect that data
- Cover your suppliers, like cloud data storage suppliers, may have in place
Who benefits from this type of Insurance:
- Any business that trades via a website or online platform
- Business that use email
- Any business that deals with customer data
- Retailers who use EFTPOS machines
- Companies reliant on IT systems to conduct business
- Example occupations: Doctors, Lawyers, Accountants, Consultants, Estate Agents, Insurance Brokers, Retailers etc
| *As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy document. The information contained on this webpage is general only and should not be relied upon as advice. |
Why choose BizCover for your Cyber Liability insurance?
Built for small business
We know insurance and what makes small businesses tick.
Clear and competitive pricing
You can compare and choose from a range of highly competitive prices right there on your screen. Seriously.
Cover to match your needs
You can tailor policies from selected Australian insurers to suit the needs of your business, and we are there to help!
Real people adding real value
Our friendly service team is on hand and on a mission to make you smile!
Could this happen to you?
Hackers are alive and well and get a thrill out of making business owners sweat. Cyber Liability Insurance can reduce your risks and help you rest easy knowing your business is covered from even the craftiest of criminals.
Here are is an example:
The cost of lost data
An insured accountant had an employee who accidentally misplaced a company laptop that contained a list of 1000 client tax records and credit card details. A policy payment totalling $250,000 was made to cover the costs involved with notifying the affected individuals and the Privacy Commisioner of the data breach. The cost of hiring a Public Relations firm to assist the insured with re-building their business reputation was also included.iii
[i] Australian Cyber Security Centre, 2019, https://www.cyber.gov.au/news/sso-launch
[ii] Australian Criminal Intelligence Commision, Cybercrime, 2019, https://www.acic.gov.au/about-crime/organised-crime-groups/cybercrime
[iii] Dual Australia, Cyber Claims Examples, Accessed 2019
Cyber Security For Small Businesses
With more and more cyber criminals targeting SMEs, how can small businesses protect themselves?
| *As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy document. The information contained on this webpage is general only and should not be relied upon as advice. |
Cyber Liability Insurance Infographic
| *As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy document. The information contained on this webpage is general only and should not be relied upon as advice. |
Frequently Asked Questions (FAQs)
Cyber Liability insurance may be important part of protecting your business if you:
- Hold records of a sensitive nature for customers, suppliers or employees that when used alone or in conjunction with other data could be used to identify an individual, this is known as Personally Identifiable Information (PII)
- Host, store, share or transmit confidential data including credit card information.
- Have high profiles in their chosen field or hold records of high-profile people- this increases the probability of cyber extortion
- Has any digital marketing or online presence including a website and social media
- Publish electronic content
- Your business experiences a data breach, as well as loss of revenue due to business downtime.
- You could be fined for a data breach from the privacy commissioner.
- Your business’ website gets hacked – inappropriate content could be posted on their website, or the website is frozen.
- Cyber extortion – hacker asks for a ransom.
- Hacker sells personal information that your business holds a record of.
- Information stolen from your business that is used to create false identities.
- Hardware (Laptop/smart phone) containing sensitive client information is stolen or lost.
- Credit card information is stolen, or
- Point of sale system goes down and your business is not able to take electronic payments
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