If your business operates a website or stores electronic data, it is inherently exposed to the risk of cyber attacks. In today’s digital world, the question is no longer if a cyber threat will occur, but when. The consequences of an attack can go far beyond financial losses, potentially jeopardising your intellectual property, exposing sensitive customer data, and harming your hard-earned reputation.
What is Cyber Protection Insurance?
Cyber Insurance helps safeguard businesses from the financial losses and legal responsibilities that arise from cyber-attacks. These policies generally cover a range of cyber risks, such as data breaches, network security failures, ransomware, and other cyber incidents, along with legal costs and potential regulatory fines.
There are two main policy types / extensions we recommend to businesses and organisations looking to arrange Cyber Insurance:
- CYBER CRIME INSURANCE (OR CYBER CRIME POLICY EXTENSION)
A typical Cyber Crime Policy will provide cover for theft of money as a result of a cyber crime event, for example social engineering fraud, phishing, phreaking or other forms of cyber fraud involving loss of money.
Limits available are generally up to $250,000. Limits above this will typically require a more comprehensive risk analysis and underwriting assessment. - CYBER LIABILITY & PRIVACY PROTECTION INSURANCE
A typical Cyber Liability and Privacy Protection Policy will provide cover for:- First Party (own) costs and expenses (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurers policy wording.
- Fines and penalties incurred as a result of a Cyber event, or breach of Privacy, as defined by the Insurers policy wording.
- Business Interruption/Consequential Loss (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurers policy wording.
- Third Party costs and expenses (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurers policy wording.
Limits available are generally up to $10,000,000. Limits above this will typically require a more comprehensive risk analysis and underwriting assessment.
How Coverforce can help
At Coverforce, our expert team of insurance brokers will take the time to assess your individual requirements and exposures and deliver a comprehensive insurance solution that is tailored to your specific needs and budget.
For more information or to speak to one of our brokers about arranging cover, please contact us.
Alternatively, you can simply fill out a Cyber Insurance Quote form below and one of our insurance brokers will get in touch with you within one business day.
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