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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 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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