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Cyber Insurance: Is it worth it?
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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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