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Cyber Insurance

Evolving technology has exposed gaps in traditional insurance policies that were never intended to cover many of the exposures we face today.

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Cover at a glance
  • Provides protection for new age exposures that traditional policies do not cover
  • Provides cover for certain First Party, Third Party and Business Interruption losses
  • Social Engineering is becoming more prevalent
  • Is essential cover for any business that communicates electronically

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.

Frequently Asked Questions

How is my premium calculated?
Your Cyber premium is calculated based on your risk profile which includes the risk controls you have in place to protect your data and your funds (such as dual sign offs for payments).
My IT contractor advises that our risk controls are sufficient to prevent an attack from occurring. Why do I need Cyber insurance?
Excellent – insurers love to see strong risk controls in place and price your premium accordingly. Whilst prevention is always better than a cure, most Cyber claims are the result of human error, which in most cases cannot be prevented by the systems you have in place. Thorough risk prevention is recommended and quite often we will work with your IT contractor to put in place the most robust protections that can be utilised; however there is always an exposure to loss when people are involved. You still take out insurance on your building even with sprinklers and fire extinguishers in place; Cyber insurance is an important piece of the puzzle when looking at your exposure to Cyber incidents in addition to thorough risk controls.

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