Almost every business today relies on cyber capability and data storage. Cyber Liability insurance will protect you from damaging data breaches and hacking, and help you restore your normal business operations.    

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  • Instant online cover with no messy paperwork
  • Flexible payment options – monthly or annually

What does cyber liability insurance cover?

Cyber Liability Insurance covers your business against the expense and legal costs associated with data breaches, which may occur after being hacked, from theft or from loss of client information.

What is included?

  • Business interruption costs
  • Extortion costs
  • Data recovery and investigation costs
  • Penalties and fines
  • PR and crisis management costs

What is typically NOT included?

  • Replacement equipment
  • Damage to property
  • Prior known facts and/or instances
  • Intentional acts

Why it’s important?

Cyber crime costs Australian businesses $4.5 billion every year, with the average data breach costing $2.16 million. Your customer data is one of your most important assets, which is why hackers will go to great lengths to steal it.

Who it’s for?

Smaller businesses are at particular risk from increasingly sophisticated cyber attacks, as they often lack the kind of robust security systems and back-up storage capabilities that larger enterprises have access to.

Claim example

September 14, 2016

An retail clothing chain with 55 staff and an approximate turnover of $13 million was hit with a ransomware virus that rendered their server encrypted and inoperable. The hacker group demanded the equivalent of $80,000 in Bitcoin ‘crypto-currency’ to release the decryption code.

In this case the firm decided that they had to pay the ransom, because in this case it turned out that they did not have a viable back-up of their data.

Fortunately, the firm was insured with cyber laibility and they were able to work with their insurer to pay the ransom. Once the ransom was paid, the hacker provided the decryption code and the system was restored.

The total cost of the episode was relatively modest at $140,530, which included the ransom and the cost of diagnostics to complete the system restoration.

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Enter the code CYBER25 on the ‘Your Quote’ page to activate your $25 discount.