Cyber Insurance

Policy Overview

The world we live in is changing faster than ever before. Evolving technology has exposed gaps in traditional insurance policies that were never intended to cover many of the exposures we face today.

Cyber Insurance is designed to address these exposures and can be broken down into three core components:

First Party Cover – This part of the policy provides coverage for IT costs to help your business get back up and running after a cyber attack. It can also assist with preventing a PR disaster which can have a significant impact on the future of your business, as well as other costs incurred to correct issues after an attack occurs.

Third Party Cover – This section provides cover against your liability to a third party which could include damages from unintentional privacy breaches

Business Interruption – This provides protection against your lost income whilst your systems are down after an attack occurs. Traditional Business Interruption won’t apply unless physical damage has occurred, so it’s important to ensure your Cyber coverage provides this protection.

A worrying trend we are seeing is the increase in Social Engineering claims, were people are fooled into voluntarily processing a payment to someone through clever social engineering tactics by criminals. Often senior members of an organisation are impersonated to fool other staff into carrying out these requests. Often businesses don’t realise what has happened until it is too late.

The information provided on this page that may have been implied is General Advice only and does not take into consideration your specific needs, risk appetite or financial requirements. Please contact our office to discuss and review your needs and the appropriate financial product best suited to meet your requirements . Before purchasing any financial product, you should always read the Product Disclosure Statement to ensure the product is suitable for your needs.