Cyber Liability Insurance

Cyber Liability Insurance

Every business that has a website, electronic records, or use internet for business purposes is vulnerable to cyber crime or data breach threats. In fact, it’s likely that your business to suffer a cyber attack at some stage of your business life cycle. The cost of such incidents could be more than just money; It can take away your customer’s personal information, damage your business reputations, or even shutdown your business for good due to unbearable claims.

The cyber liability risk can occur by a human error, an organised hacking, malware, or a malicious act of a disgruntle employee. The cyber threats are
becoming more sophisticated with advanced hacking techniques; however, it does not require a complex cyber incident for a cyber liability to trigger. For example, an employee can attach a wrong file to an email or opens an email attachment infected with malicious virus can cause a cyber incident and your business may be held liable to pay the damages.

The Cyber insurance policies may vary in benefits and coverages; However, some of covers you should consider when organising a cyber insurance are;

Insured Business Protection

  1.  Business interruption: Covers financial loss you may suffer as a result of a cyber-attack.
  2.  Cyber extortion: The costs of a cyber-attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats
  3. Electronic data replacement: The costs of recovering or replacing your records and other business data.

Third Party Losses Coverage:

  1. Security and privacy liability: Damages resulting from data breaches, such as loss of third-party data held on your system.
  2. Defence costs: Funds the legal costs of defending claims.
  3.  Regulatory breach liability: Covers legal expenses and the costs of fines arising from investigation by a government regulator.
  4. Electronic media liability: The costs of copyright infringement, defamation claims and misuse of certain types of intellectual property online.

Additional Expenses Coverage:

  1. Crisis management expenses: Provides cover for the costs of managing a crisis caused by cyber hackers.
  2.  Notification and monitoring expenses: The costs of notifying customers of a security breach, and monitoring their credit card details to prevent further attacks.

Do you know?

$33,442 The average loss per cybercrime for medium businesses. This compared to $19,306 for large organisations and $8,899 for small businesses. (Australian Cyber Security Centre, Annual Cyber Threat Report, 2020-21)
#1 Cyber incidents are now considered the top risk facing businesses globally. (Allianz Risk Barometer, 2022)

Industrial Special Risk:

An industrial special risk insurance is, sometimes, also known as “All Risk” property insurance due to its broad level coverage of business assets and consequential losses coverage. So, i

Request a call back

    Looking for Professional Business Insurance Agents in Brisbane