What is Cyber Crime?
While technology continues to make the economy more efficient, it increases the risk of cyber attacks and opens up opportunities for hackers, criminals and malicious acts by known people, such as disgruntled employees.
Businesses increasingly rely on the interconnectivity and convenience of hardware, data storage, cloud solutions to manage data. This increased dependency creates an environment where predicting and preventing potential cyber attacks is difficult.
Cyber attacks have emerged as a serious threat for Australian businesses. The consequences of an attack can be severe, resulting in destruction of assets and reputational damage. As there is only a limited regulatory framework to protect the private sector, businesses need to take action to protect themselves and their liabilities to others.
Why you need Cyber Insurance?
Cyber insurance can help organisations get back to business after a cyber attack or a data breach. As organisations become more reliant on technology, insurance products need to adapt to the changing environment.
Cyber insurance is a tailor made product that provides comprehensive Insurance cover for liability and expenses a business may incur arising out of unauthorised use of, or unauthorised access to, physical and electronic data or software within an organisations computer network or business.
Flexible payment options
When it comes to paying for your insurance, we can offer a range of payment options to help improve your cash flow.
Cyber Insurance Fact Sheet
Cyber Insurance Fact SheetAccess to more insurers
We have access to a wide range of insurers, including those who don’t deal with the general public. This provides more options for your consideration and helps ensure you can receive the best level of cover available.
Get a QuoteTop 5 industry sectors affected by data breaches
What can it cover?
| Type of Cover | Potential Benefits |
|---|---|
| First Party Losses | |
| Business interruption losses | Covers financial loss you may suffer as a result of a cuber attack |
| Business Interruption | The costs of a cyber attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats. |
| Theft | The costs of recovering or replacing your records and other business data. |
| Third Party Losses | |
| Security and privacy liability | Damages to your reputation resulting from data breaches, such as loss of third party data held on your system. |
| Defence costs | Funds the legal costs of defending claims. |
| Regulatory breach liability | Covers legal expenses and the costs of fines arising from investigation by a government regulator. |
| Electronic media liability | The costs of copyright infringement, defamation claims and misuse of certain types of intellectual property online. |
| Extra Expenses | |
| Crisis management expenses | Provides cover for the costs of managing a crisis caused by cyber hackers. |
| Notification and monitoring expenses | The costs of notifying customers of a security breach, and monitoring their credit card details to prevent further attacks. |
What usually isn’t covered?
Exclusions and excess you need to pay can vary greatly depending on your insurer. There are other exclusions which your Steadfast insurance broker can outline for you.
Why SUREWiSE?
Not all insurance policies are the same and you usually get what you pay for. It’s a case of “buyer beware”. We compare the differences between insurance policies which helps us arrange the most appropriate insurance policy for you and provide you with the right advice, allowing you to make an informed decision.
There’s so much to take into consideration when deciding which policy best suits your specific needs and requirements. Contact our team of qualified and experienced insurance brokers today for the right insurance cover and the right advice.
Get a QuoteIt is important for our businesses to have our insurance needs met and dealt with ease. It has been a pleasure dealing with SUREWiSE and I thank you for your brokers’ work ethics. Your brokers have come to my aid with insurance, information and advice enabling my worries to be put away quickly. You make my job easier.
Alessandra D
Don't wait until it's too late!
There’s so much to take into consideration when deciding which policy best suits your specific needs and requirements. Contact our team of qualified and experienced insurance brokers today for the right insurance cover and the right advice.