With computer hacking and data breaches on the rise in Australia, cyber insurance is now a critical protection for most businesses. The scale and reach of malicious cyber activity has grown exponentially in recent years and can be hugely expensive and disruptive to affected businesses.

Do I need Cyber Insurance?

If your business has a website or electronic records, you are vulnerable to cyber hackers. A cyber-attack can cost you more than just money — it can put your intellectual property and customers’ personal information at risk, damaging your reputation.

What can Cyber Insurance cover?

• Cyber extortion
• Business interruption losses
• Electronic data replacement
• Security and private liability
• Defence costs
• Regulatory breach liability
• Electronic media liability
• Crisis management expenses
• Notification and monitoring expenses

Other things to consider

Depending on your policy, you may be able to make a claim for losses incurred by business interruption caused by cyber-attacks, as well as the costs of recovering your data, upgrading your software, or ongoing crisis management solutions.