Cyber Insurance Australia
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Cyber Insurance: Is it worth it?
... big businesses are obvious targets of hackers and cyber criminals, right? After all they have big ... want to do is handle a cyber attack or data breach alone. Cyber insurance will also provide coverage for regulatory ...
read moreCyber Liability Insurance
... happen to you? What is Cyber Liability Insurance? Cyber Liability insurance* is designed to help protect you ... cyber.gov.au/acsc/view-all-content/reports-and-statistics/acsc-annual-cyber-threat-report-july-2020-june-2021 ...
read moreCyber Security For Small Business
... business owners. Therefore, it's time to put cyber security issues on the agenda and develop strategies ... do in the event of a cyber attack or data breach What is Cyber Liability Insurance and why do small businesses need ...
read moreDon’t let your business be an online target – what you need to know about Cyber Liability Insurance
... IT infrastructure? Do you have a response plan if a cyber-attack or data breach was to occur? Have you tested ... of how easily a breach can happen. Cyber Liability insurance can provide financial protection by covering: ...
read moreCyber Liability Insurance: the safety net small businesses need
... The SME sector is bearing the brunt of cyber-attacks because of the lack of strong security systems ... to minimise the chance of a cyber-attack occurring, Cyber Liability insurance will help to reduce subsequent damage ...
read more4 essential tips for buying cyber insurance
... likely impact what you'll be looking for in a Cyber Liability policy. You may need to ask yourself questions ... a claim. 4. Take steps to reduce risk Cyber Liability insurance can help your business get back to work after ...
read moreWhy BizCover's bolstered cyber insurance offering is great news for small businesses
... the need for robust cyber insurance policies is greater than ever before. “Cyber insurance is no longer a nice ... is whether they deal with the consequences of a cyber-attack. Mason says that not only would you likely have ...
read moreWhy IT professionals should consider cyber insurance
... such as Optus and Midebank can fall victim to a cyber-attack,” says Mason. “No matter how well prepared you ... reputation that may result from a cyber-attack.” Cyber insurance policies can also provide IT professionals with ...
read moreCould cyber insurance help protect real estate businesses?
... the risks to real estate businesses? The total impact of a cyber attack on a small real estate business could be hard to ... if things go wrong,” says Mason. Cyber Liability Insurance * is one such safeguard designed to help ...
read moreHow small business owners can assess cyber risk
... to best protect businesses from the consequences of a cyber-attack, Fiona says it's important to define each concept ... in place for when things go wrong. “Cyber Liability insurance can be seen as an additional control as ...
read moreInsurance for Restaurants & Cafes
... to sit back, relax and look at our menu of insurance options for your business. What's more, you don't ... stress out of an ATO investigation with this insurance . Cyber Insurance* As a restaurant owner your exposure could be ...
read moreIs Your Businesses Target for Cyber Criminals?
... a mechanic in Alice Springs were two recent victims of cyber crime. Given the majority of organisations don't even know ... ability to exploit businesses using the internet, cyber insurance is a simple way to manage risks. ...
read more9 crucial cyber security tips for small businesses in 2023
... , use your mobile network. 6. Train your staff to be cyber safe As a small business owner, it is your responsibility to ... legal costs? 9. Consider Cyber Liability insurance Cyber Liability insurance * is designed to help ...
read moreTop 7 cyber security threats to businesses (and protection tips)
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read moreStay Smart Online Week: Q&A with experts on Small Business Cyber Risks
... cyber.gov.au/sites/default/files/2019-03/msp_questionnaire.pdf o https://www.cyber.gov.au/publications/questions-to-ask-managed-service-providers ... -alert-service ) · Buy cyber insurance Small Businesses are often short ...
read moreInsurance for Consultants
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read moreInsurance for IT Professionals
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read moreThe risky business of insurance
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read moreYounger Australians least aware of cyber threats, new research suggests
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read moreA Small Business Guide To: Cyber Security Essentials
... program; and BizCover's Head of Product, Channels & Risk Jane Mason, who helps protect businesses with cyber insurance. DATE: 11AM AEST WEDNESDAY, 20 SEPTEMBER, 2023 This 45-minute session will help you: - Proactively ...
read moreBizCover expands business insurance offering by partnering with Chubb
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read moreThe ultimate guide to business insurance for real estate agents
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read moreSmall Business Insurance: Why you might want to ensure you’re covered!
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read moreInsurance for Accountants
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read moreInsurance for Restaurants
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read moreInsurance for Real Estate Agents
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read moreInsurance by Industry
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read more5 Tips for an Insurance Health Check
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read moreDebunking Cyber Security Myths for SMEs, Part 2
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read moreUnderstanding business insurance for bookkeepers
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read moreBusiness Insurance Guide for the Self-Employed – Part 4
... to recover following his injury. His Personal Accident and Illness insurance provided a weekly benefit of $1,700 a week ... income. Cyber Liability What is Cyber Liability insurance? Cyber Liability insurance* is designed ...
read moreWhat are some types of insurance available for small businesses?
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read moreInsurance for Retailers
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read moreBenefits of insurance for small businesses
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read moreInsurance for Project Managers
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read moreFinding the right business insurance can be hard but BizCover makes it easy
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read moreInsurance for Land Surveyors
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read moreUnderstanding insurance for recruitment consultants
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read moreInsurance for Car Wash and Auto Detailers
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read moreA Mumpreneurs Guide to Understanding Business Insurance
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read moreUnderstanding Insurance for Retailers
... for things to go wrong, and that's where business insurance can help save the day. Whether you're selling the ... an insured event (such as fire). 3. Cyber Liability Insurance* As more and more retailers do their business ...
read more5 things to consider when purchasing business insurance
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read moreBusiness Insurance Perth
... Interruption Related: Business Insurance Cyber Liability insurance Business interruption costs ... this is at your home-based business. Public Liability insurance can provide peace of mind and protection from potential ...
read moreBusiness Insurance Melbourne
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read moreInsurance for Psychologists
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read moreReasons you Should Review your Business Insurance this Christmas
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read moreBusiness Insurance
... of the factors that can influence the cost of a Business Insurance policy include : the type of cover and cover options ... your business. Cyber liability insurance is a type of business insurance product, which protects ...
read moreInsurance for Professionals
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read moreHome Based Business Insurance
... the right cover FAQ's Why do Home Based Businesses need insurance? Just because you don't have a typical office or working ... your business. Cyber liability insurance is a type of business insurance product, which protects ...
read more8 Facts About Professional Indemnity Insurance
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read moreInsurance for Nurses
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read moreInsurance for hospitality business
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read moreTop seven tips for comparing business insurance quotes
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read moreSigns your business should be concerned about cybersecurity
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read more5 steps to performing an effective cybersecurity risk assessment
... the likelihood of your company being targeted by cyber criminals, cyber crime is a serious threat that can affect businesses ... 920 875 to discuss your about your cyber insurance options. *This information is general only ...
read moreMortgage brokers easy marks for cybercrime
... more risk than ever. Dealing with a cyber-attack is not cheap, with the average cost per ... guys, there are many reasons why a brokerage may not purchase cyber insurance,” says Gottlieb. “But what needs to be considered is ...
read moreWhat Australian businesses can do to avoid data breaches
... questions about how to protect your business from a cyber attack. It will cover: How do you define ... cyber attack. A cyber insurance policy could help you in several ways if a data breach occurs. Cyber Liability insurance ...
read moreWhat can businesses do after a data breach?
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read more“Prevention may not be enough”: small businesses ill-prepared for cyberattacks
... Mason. Who might need to consider getting cyber insurance? Although reducing the likelihood of an ... no, then you might want to consider if there is an insurance product that can protect you from that risk,” says Mason. ...
read more7 ways you can protect your business and personal information online today
... 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 ...
read moreBusiness Horror Stories
... . 1 in 5 Australian businesses are the victims of a cyber attack and the number of attacks continues to rise. One ... and associated costs. Find out more about Cyber Insurance here. THE DEREGISTERED DISMAY Threats are also ...
read moreRisky behaviour: the things keeping small business owners up at night
... . Just 7% of survey respondents said they have Cyber insurance in place. One fifth of owners said having a ... hard with a lack of customers, but with my insurance with BizCover I feel less cornered and more protected. I ...
read moreTriumph after Tragedy for QLD Fitness Trainer Latest Winner of Bizcover.com.au $60,000 'Small Business Buddy Program'
... Business Insurance, Management Liability and now Cyber Insurance. BizCover provides multiple insurance ... 2000 occupations and have taken the hassle out of buying insurance for more than 25,000 businesses so far. They are ...
read moreDoggone Great! Local QLD Business Selected in the $60,000 'Small Business Buddy Program'
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read moreBizCover Celebrates Third Consecutive Fast 50 Ranking
... sustained three year period underpinned by its unique commercial insurance online platform. Each year it gets harder to remain ... Insurance, Management Liability and now Cyber Insurance. BizCover provides multiple insurance ...
read moreNevrie Saliu: What 'International Women’s Day' means to me
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read moreSo you want to start a side hustle? Here’s what you need to know – Part 1
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read morePublic Liability Insurance VIC PPC
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read moreA Guide to PI Insurance
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read moreInsurance for Cafes
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read moreWorkers Compensation Insurance
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read moreWhat is Business Insurance?
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read morePublic Liability Insurance In Brisbane
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read moreInsurance for pharmacy and pharmacists
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read moreInsurance for Pet Professionals
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read moreInsurance for Disability Workers
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read moreUnderstanding the difference between Public and Product Liability insurance
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read moreBizCover Disrupts Insurance by Commoditising it
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read moreHow Does Professional Indemnity Insurance Benefit You?
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read moreInsurance for Convenience Stores
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read moreInsurance for Manufacturers
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read moreInsurance for Makeup Artists
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read moreBizCover adds Ando Insurance to its NZ business insurance platform
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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 an attack occurring every 8 minutes now 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.
- In 2021 63% of organisations suffered a Cyber security breach! iii
Independent feedback from our customers rated our service at excellent.
What does Cyber Liability insurance typically cover?
Cyber liability insurance is a type of business insurance which protects your business against both the legal costs and expenses related to cybercrime incidents. Your coverage may generally include cover for expenses and restoration costs relating to the following:
- Data breaches including theft or loss of client information
- Network security breaches
- Business interruption costs
- Forensic investigation into the cause or scope of a breach
- Data recovery costs
- Cyber extortion
- Crisis management costs (to protect or mitigate damage to your businesses reputation resulting from a cyber event)
- Loss and legal costs, including fines and penalties resulting from a third party claim for data or network security breach against your company
What is typically NOT covered?
- Bodily injury and property damage
- Prior known facts or circumstances Intentional or fraudulent acts
- Damage to computer hardware
- Upgrading of an application, system or network
- Failure or outage of power, utilities, satellites or telecommunication services
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 $250,000 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?
Just consider the following:
- The effect to your business if a hacker blocked access to all your files and demanded a hefty ransom for release?
- Could you sustain a complete interruption to your business operations due to a cyber attack?
- Is it possible that you or your staff could fall victim to a fraudulent email releasing personal information or directing funds?
- The effect of a data breach to your business?
- The amount and personal nature of customer data you store and the security arrangements in place to protect that data
Who benefits from this type of Insurance:
- Any business that trades via a website or online platform
- Any business that uses email
- Any business that deals with customer data
- Retailers who use EFTPOS machines
- Companies reliant on IT systems to conduct business
- Example occupations: Accountants, Consultants, Estate Agents, Retailers, Hospitality outlets, Manufacturers 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 assist in managing your risk and help you rest easy knowing your business is covered from even the craftiest of criminals.
Here are some 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.[iv]
An expensive call
An insured hairdresser used a VoIP telephone system, which was hacked and over a month the hacker made multiple unauthorised calls to a premium number over the course of a month, which came to a total of $30,000 on their telephone bill. The Insured made a claim on their Cyber policy which triggered the optional Social Engineering cover and they received $30,000 for their financial loss. [v]
Cyber Security For Small Businesses
With more and more cyber criminals targeting SMEs, how can small businesses protect themselves?
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
[i] Australian Cyber Security Centre, September 2021, ACSC Annual Cyber Threat Report, July 2020 to June 2021, https://www.cyber.gov.au/acsc/view-all-content/reports-and-statistics/acsc-annual-cyber-threat-report-july-2020-june-2021
[ii]Australian Criminal Intelligence Commision, Cybercrime, 2019, https://www.acic.gov.au/about-crime/organised-crime-groups/cybercrime
[iii] Digital Nation, 29 April 2022, https://www.digitalnationaus.com.au – “63-percent-of-organisations-suffered-a-cybersecurity-breach-in-2021.”
[iv] Dual Australia, Cyber Claims Examples, Accessed 2019
[v] Dual Australia, Cyber Claims Examples, Accessed 2022
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