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Cyber Protection insurance is designed to protect your business from financial losses in the event of computer hacking or data breach.  A comprehensive Cyber policy will cover both first party and third party losses.  Cyber Protection policies vary in the benefits they provide but typically may cover:

  • Access to 24/7 Cyber breach support team
  • Electronic data replacement – costs of recovering your records and data
  • Business interruption – covers financial losses as a result of a cyber attack
  • Cyber extortion – covers costs such as hiring negotiation experts and payment of extortion demands
  • Security and privacy – damages to your reputation following a breach of third party data on your system
  • Defence costs- legal costs of defending claims

Will an insurer assist if my network is attacked?

Yes.  A good cyber policy will provide 24/7 assistance.  Insurers have incident response teams to manage cyber incidents and data breaches.  They will assist you in managing the whole process from initial notification to resolution.  IT forensic investigators will assist in stopping the breach and data restoration.

If, in the course of my day to day business, I suffer losses due to an attack or will I be covered?

Yes.  Many Cyber policies provide Business Interruption cover which will cover you for revenue losses, including increased costs incurred as a result of the attack.

Will the policy cover data breaches?

Yes.  A comprehensive policy will cover first-party and third-party losses, including breach of privacy laws and penalties imposed by regulators as well as legal costs in defending claims.

I have a Cyber extension on another policy.  Is this sufficient cover?

Generally not.  These extensions vary but usually provide basic cover may which may not cover business interruption or third-party losses.  A comprehensive standalone policy is recommended.

Case Study

An employee at a retailer ignored internal policies and procedures and opened a seemingly innocuous file attached to an email.  The store’s stock order and cash registers malfunctioned and business was impaired as a result of the network failing.

The business incurred over $100,000 in forensic investigation and restoration services. They also had additional increased working costs of $20,000 and business income loss estimated at $50,000 from the impaired operations.

Staff Profile

Cos_Cirocco

Cos Cirocco

National Business Manager - State Manager SA

Karen Meiklejohn

State Manager – QLD/NT

Kylie McGrath

State Manager
WA Branch

Laurence_Gottlieb

Laurence Gottlieb

State Manager - VIC

Simon Gray

State Manager NSW/ACT