Cyber and computer crime represent some of the most significant risks facing businesses worldwide, with smaller businesses being especially susceptible.
A single successful cyber-attack can lead to severe financial and reputational damage to your business. It's crucial to prioritise cybersecurity and ensure that your core online systems remain secure. Protect your digital assets and safeguard the private information of your clients and employees with the appropriate insurance coverage.
Cyber Insurance Policy Types
There are two main policy types / extensions we recommend to businesses and organisations looking to arrange Cyber Insurance, these are:
Please select a policy type above to view more information.
Cyber Crime Insurance
No business is immune to cyber-attacks. Cyber criminals are increasingly sophisticated, employing tactics such as social engineering fraud, phishing, phreaking, and other forms of cyber fraud to steal money, company data, or client information from your organisation.
What does Cyber Crime Insurance Cover?
A typical Cyber Crime Policy (or Cyber Crime Policy extension) will provide cover for:
- Theft of Money as a result of a Cyber Crime event, for example social engineering fraud, phishing, phreaking or other forms of cyber fraud involving loss of money.
What are the policy limits?
- Limits available are generally up to $250,000. Limits above this will typically require a more comprehensive risk analysis and underwriting assessment.
Cyber Liability and Privacy Protection Insurance
As technology evolves and more businesses establish an online presence, Cyber Liability becomes a significant threat for all enterprises. The unauthorised or illegal exposure of personal information, such as customer or employee records, patient data, and credit card details, can inflict serious harm on your business.
A breach of sensitive information can not only lead to financial repercussions but also jeopardise your intellectual property, client trust, and overall reputation.
What does Cyber Liability & Privacy Protection Insurance Cover?
A typical Cyber Liability and Privacy Protection Policy will provide cover for:
- First Party (own) costs and expenses (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurers policy wording.
- Fines and penalties incurred as a result of a Cyber event, or breach of Privacy, as defined by the Insurers policy wording.
- Business Interruption/Consequential Loss (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurers policy wording.
- Third Party costs and expenses (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurers policy wording.
What are the policy limits?
- Limits available are generally up to $10,000,000. Limits above this will typically require a more comprehensive risk analysis and underwriting assessment.
Important Tips
- Ensure all employees receive regular privacy training and are familiar with your business's procedures for handling personal information. Maintain written training materials for reference.
- Regularly update passwords and enhance their complexity to bolster network security.
- Periodically review your business’s security systems and protocols to identify and address any security gaps or vulnerabilities.
- Enable Two-Factor Authentication (2FA) on all devices and online accounts to add an extra layer of protection.
- Perform regular data backups (three sets of backups, using two different mediums such as hard drives and tapes), with one backup stored offsite and regularly tested.
- Keep your antivirus and malware protection up to date to defend against the latest threats.
- Develop a Cyber Security Policy and ensure all staff are educated on its guidelines.
- Establish a process for verifying changes to client or supplier bank account details through in-person or verbal confirmation.
- Create a Cyber Attack Response Plan to efficiently manage and mitigate the effects of a cyber incident.
- Secure appropriate insurance coverage to protect your business from cyber risks.
General Advice Warning
The information provided on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice on this website is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making a decision based on this advice you should consider whether it is appropriate to your particular circumstances.
Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a disclosure document, including the Product Disclosure Statement (PDS) and, where available, Target Market Determination (TMD) relating to the product and consider the content before making any decision about whether to acquire the product.
Authorised by Clearlake Insurance Brokers ABN 16 651 113 861 AFSL 559829
How Clearlake Insurance can help
Our skilled insurance brokers evaluate your business's unique cyber insurance needs and present you with the most valuable insurance solution available from our extensive network of insurers.
Should you need to make a claim, we will work directly with the insurer on your behalf to ensure you receive the full benefits of your coverage.
For more information or to arrange cover, please contact us on 02 9037 8970 or simply fill out the form below and one of our insurance brokers will get in touch shortly.
