Cyber Liability

Cyber Liability

Cyber Liability

Customer data security is of vital importance and every business with an online presence is at risk. Data breaches are increasingly common, with hackers frequently targeting customer data they can steal and sell on the black market. It is not just large corporations at risk, small businesses are often targeted as loopholes to break down the security of larger businesses.


What does cyber liability insurance cover?

Cyber liability insurance covers your business against any legal costs or expenses associated with internet based data breaches. Data breaches can occur after being hacked or from the theft or loss of important customer information.

The types of cover include:

  • Data breach/privacy crisis management cover
  • Multimedia/media liability cover
  • Extortion liability cover
  • Network security liability cover

The type of expenses covered include the cost of business interruption as well as forensic investigations, data recovery, extortion or crisis management costs. Cyber liability insurance also covers mandatory notification costs, the cost of legally defending yourself and any other legal costs.


How are cyber breaches affecting Australian small businesses?

40%

Roughly 40% of cyber security breaches are aimed at SMEs

$4.5 billion

Cyber crime costs Australian businesses $4.5 billion annually

85%

85% of Australians would stop dealing with an organisation if their data was breached*

$2.16 billion

The average cost of a data breach in Australia is $2.16 million**


What's covered?

Cover options:

  • Business interruption costs
  • Investigation and data recovery costs
  • Fines and penalties
  • Extortion costs
  • PR and crisis management costs.

What is not covered:

  • Replacement equipment
  • Property damage
  • Prior known facts/instances
  • Intentional acts.

Cover options:

  • Business interruption costs
  • Investigation and data recovery costs
  • Fines and penalties
  • Extortion costs
  • PR and crisis management costs.

What is not covered:

  • Replacement equipment
  • Property damage
  • Prior known facts/instances
  • Intentional acts.

Who should consider this type of insurance?

  • Business that deals with customer data
  • Retailers who use EFTPOS machines
  • Companies reliant on computer systems for their business
  • Example occupations: Doctors, Lawyers, Accountants, Consultants, Estate Agents, Insurance Brokers etc.

What level of cover is right for your business?

You can choose cover between $50,000 to $2 million. Every business is different and the amount of cover you require will depend on a few things such as:

  • The specific risks your business faces and the costs that it would take to cover those breaches
  • Any cover you may already have
  • The cover your suppliers, like cloud data storage suppliers, have in place.

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Our other products:

Business Insurance

Management Liability

Tax Audit Insurance

Professional Indemnity Insurance

*Unisys Security Index – Australia, 2011
**Symantec’s 2011 Cost of Data Breach Study