Cyber Liability Insurance
Help your business bounce back after a cyber-attack
As businesses rely more on technology, there are a growing number of cyber-attacks every year. In fact, around three in five Australian companies experience a cyber security breach every month.
That’s where cyber insurance comes in – to help protect small business owners against online risks, such as computer hacking, ransomware or data theft.
Who should consider it?
Every business that has a website or electronic records is vulnerable to cybercrime or an accidental data breach – and the consequences of a cyber-incident can be very costly.
Depending on the situation, you may be up for the cost of ransoms or IT solutions to unlock and repair your systems. You could also be liable for the costs of reporting the breach, legal claims, and remediating any losses suffered by your customers or clients.
Remember, a cyber attack or data breach may cost your business more than just money. It could threaten your intellectual property, put your customers’ personal information at risk and cause major damage to the reputation of your company.
What can it cover?
Cyber insurance can help cover financial losses to your business, your customers and other parties following a cyber security breach.
This might include costs associated with:
- Loss of revenue due to interrupted business
- Hiring negotiators and paying ransom
- Recovering or replacing your records or data
- Liability and loss of third party data
- Defence of legal claims
- Investigation by a government regulator
- Copyright infringement
- Misuse of intellectual property online
- Crisis management and monitoring
- Prevention of further attacks
Product Disclosure Statement
A Product Disclosure Statement (PDS) is available for Cyber Liability Insurance and can be obtained from Palandri Insurances.
You should consider the PDS in deciding whether to acquire, or continue to hold, Cyber insurance.
Speak to Palandri Insurances
Calculating the amount of cover you’ll need can be complex, so it’s important to seek advice to help you get it right.
Steadfast insurance brokers are part of the largest general insurance broker network in Australasia, with specialists who can help you with your home and contents insurance needs.
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