Cyber Insurance

Avoid the every growing Cyber exposures to your business.

What is Cyber Insurance?

Cyber insurance policies are designed to protect large and small businesses from the potential financial costs related to a cyber incident.

In general terms, these types of incidents relate to data breaches, hacking, or other malware that puts any third party information at risk of being exposed or where a cyber attack results in money being transferred to a fraudulent account.

With recent changes in legal requirements, any cyber security breaches have to be reported to the government within 30 days. Not only could you be exposed to cyber liability to dozens or hundreds of clients, but you could also face situations where business interruption becomes a crippling cost. The unfortunate reality is that you may be as much a victim in these situations as the clients whose data has been breached.

Cyber security insurance policies have been designed to protect you from the financial fallout from such incidents so that you can focus on getting your business running again without having to worry about whether it will be able to cope with the losses from claims, fines, and penalties.

Business Email Compromise

With a cyber policy in place, you would be covered for any forensic, technical and financial losses suffered as a direct result of the event.

Cyber Theft

Many people only think of a data breach when it comes to cyber theft. But a security breach into other systems could also result in serious financial losses.

Extortion Attempt

An extortion attempt could become a very expensive problem involving specialist IT, public relations, data breach notifications, as well as penalties and fines.

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Business Email Compromise

Business email compromise has become an increasingly costly problem for large and small businesses.

It usually involves some form of hacking into the email system, which ends up with people receiving fraudulently created emails that look to be from a real person within your organisation.

In some instances, this has resulted in money being transferred out of the business before the cyber incident has been realised.

With a cyber policy in place, you would be covered for any forensic and technical costs, as well as financial losses suffered as a direct result of the event

Telephone Phreaking

Telephone Phreaking cover is specifically designed to protect against phone systems being hacked, which could result in certain calls being redirected overseas.

In some cases, this has resulted in tens of thousands of dollars in call charges that a business would be liable for.

But with the right policy in place, you’ll be covered for solving the problem and covering the losses that are directly tied to the phreaking attack.

Cyber Theft

Many people only think of a data breach when it comes to cyber theft. But a security breach into many other systems could also result in serious financial losses.

One example is a fraudulently changed bank account number for a supplier, which results in money being transferred to the wrong account.

Extortion Attempt

You’ll often hear about these problems in the news where someone has gained access to computer systems and is threatening to expose sensitive information.

Depending on the type of information at risk, such an extortion attempt could become a very expensive problem involving specialist IT support, public relations, data breach notifications, as well as penalties and fines.

While some business insurance policies have optional extensions to cover cyber liability risks, it’s still a good idea to consider taking out a specialised policy that better protects your financial interests.

Talk to one of our insurance representatives today on 1300 886781 for a complete assessment of your potential risks along with a no-obligation quote.

Are optional covers really worth considering?

Many business owners simply aren’t aware of what policy features and covers are available that not only enhance their protection, but are often essential in ensuring basic financial protection.

Over the years, we have been able to assist many of our clients through difficult situations and major losses because they have relied on our advice regarding coverage and not taken the bare minimum.

Every type of business has different exposures and levels of risk from different sources. Our role is to inform you about what is available, and how important optional covers can be.

How can Aspire Insurance help your business?

We understand that your business is your focus, and arranging insurance can be a difficult task. Our Advisers are insurance representatives who are authorised give you personal advice tailored to your situation by accessing multiple products from multiple insurers.

Our service to you continues long after your policy is created. We offer annual policy reviews to ensure your coverage reflects the changing nature of your business, and process changes as you need them in a timely manner.

In addition to this, we manage any claims that arise on your behalf, meaning that you deal with us, instead of the insurer. We represent you and our goal is to assist you in getting the best possible outcome if a claim occurs.

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