Cyber Insurance

Control the ever-growing exposures of Cyber risks

What is Cyber Insurance?

 

Cyber insurance policies are designed to protect businesses from the potential consequences of a cyber incident.

In general terms, these types of incidents are caused by cyber threats and hacking for the purpose of obtaining private information, such as financial details, and in some cases selling this information on illegal markets.

With recent changes in privacy legislation, certain cyber security breaches must be reported. In addition to potential breaches of privacy laws, cyber attacks can also result in severe interruption & detriment to your business. The unfortunate reality is that you may be as much a victim in these situations as any client whose data has been breached.

Cyber security insurance policies are designed to protect you from the fallout from these incidents so that you can recover and worry less worry about the potential for data losses, fines, and penalties.

Cyber Theft & Hacking

Business Interruption

Legal Expenses, Fines & Penalties

Extortion Attempts & Ransomware

Compromised Emails

Card Skimming

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Read more about Cyber Insurance

Business Email Compromise

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

This 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

Cover against Telephone Phreaking 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

Depending on the type of information at risk, 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.

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