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With computer hacking and data breaches on the rise in Australia, cyber insurance is now a critical protection for most businesses. The scale and reach of malicious cyber activity has grown exponentially in recent years and can be hugely expensive and disruptive to affected businesses.
Do I need Cyber Insurance?
If your business has a website or electronic records, you are vulnerable to cyber hackers. A cyber-attack can cost you more than just money — it can put your intellectual property and customers’ personal information at risk, damaging your reputation.
What can Cyber Insurance cover?
- Cyber extortion
- Business interruption losses
- Electronic data replacement
- Security and private liability
- Defence costs
- Regulatory breach liability
- Electronic media liability
- Crisis management expenses
- Notification and monitoring expenses
Other things to consider
Depending on your policy, you may be able to make a claim for losses incurred by business interruption caused by cyber-attacks, as well as the costs of recovering your data, upgrading your software, or ongoing crisis management solutions.