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Cyber Insurance

Safeguard Your Business Assets From The Risks Of An Online Breach or Attack

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What Is Cyber Insurance?

In today’s digital landscape, there are a growing array of cyber threats for business owners to consider. Cyber Insurance, also known as cyber risk or cyber liability insurance, is designed to protect you from the potentially crippling financial and reputational impact of such threats. This includes losses arising from computer hacking, data theft and ransomware, or disruption to your business operations caused by cyber attacks. Just like physical assets require insurance protection, your digital assets require the same level of care – this is where Cyber Insurance comes in.

Cyber Insurance is no longer a luxury—it is a necessity. Online risks extend beyond ‘large-scale’ attacks. It could be something as simple as attaching the wrong file to a customer’s email, losing a piece of hardware like a phone or laptop or clicking on a malicious link in an email.

And it’s not just the financial cost of cyber crime that you need to consider. Your customers’ personal information could be at risk along with your intellectual property and ultimately the reputation of your company.
Cyber Insurance can give you the peace of mind that your business and reputation are protected should you or a member of your team fall prey to hackers. Let one of AIB’s expert business insurance brokers help you find a policy that is best suited to your industry, budget and needs.

Who Should Consider It?

Cyber threats aren’t restricted to just high-tech industries or multinational corporations; any business with an online footprint is vulnerable.

This includes:

Moreover, whether you’re a solo practitioner relying on a digital client base or a mid-size business employing an extensive IT network, the size of your operations doesn’t diminish your vulnerability. If you hold sensitive customer data, run a website or operate an email system, considering Cyber Insurance is essential.

What It Can Cover

Cyber Insurance policies vary in the benefits they provide. Your AIB insurance broker can help you find the most suitable product that meets the needs of your business. Here’s the type of cover that your policy may include:

First party losses

Business interruption losses

Covers financial loss you may suffer as a result of a cyber attack.

The costs of a cyber attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats.

The costs of recovering or replacing your records and other business data.

Third party losses

Security and privacy liability
Damages resulting from data breaches, such as loss of third party data held on your system.

Funds the legal costs of defending claims.

Covers legal expenses and the costs of fines arising from investigation by a government regulator.

The costs of copyright infringement, defamation claims and misuse of certain types of intellectual property online.

Extra Expenses

Crisis management expenses

Provides cover for the costs of managing a crisis caused by cyber hackers.

The costs of notifying customers of a security breach, and monitoring their credit card details to prevent further attacks.

Exclusions and the excess you need to pay can vary greatly depending on your insurer. Policies generally won’t include cover for:

  • Damage to computer hardware.
  • Criminal actions committed by you or your business.
  • A cyber attack based on facts of which you were aware.
  • Criminals using the internet to steal money from you.

There are other exclusions which your AIB insurance broker can outline.

How Can Cyber Insurance Protect You?

Case Study
Your employee opens an email attachment infected with a ransomware virus. Access to your systems and data are blocked and the virus software informs you that it will remain unavailable unless you pay the ransom amount. Rather than paying the hacker and opening your business up to further extortion attempts, you hire external IT consultants to recover your back-up data and files and upgrade your antivirus software.

Over the week it takes to apply these fixes, you have to close your business, causing you to lose revenue. It also affects your reputation with your clients; one of your clients threatens to sue you for the delay which cost them a large amount of money.

A Cyber Protection Insurance policy allows you to recover some of the costs you incur during this incident. Depending on your policy, you may be able to make a claim for losses caused by the interruption to your business, the costs of recovering your data and upgrading your software, and ongoing crisis management expenses.

What Our Clients Say
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Areas We Service
AIB Insurance is one of the best known and most trusted business insurance brokers on the Sunshine Coast. Based in Maroochydore, we have grown to become recognised across Queensland and throughout Australia.
AIB are the insurance brokers Brisbane businesses trust with all aspects of their insurance. We take the time to find out about your business, recommend appropriate cover and deal with all aspects of the process, including if you need to make a claim.
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