Cyber Insurance Advisory Services

What is Cyber Insurance?

Cyber insurance is a protection that can help safeguard your business from claims and maintain financial stability in the event of a cyber breach or attack. This insurance also covers the expenses associated with defending a cyber claim. Cyber insurance can help mitigate various risks such as accidental loss or disclosure of customer personal information, cybercrime, cyber extortion/ransomware, and business interruption caused by a cyber event.
Businesses across the world, including Australia, are being affected by hackers. If you believe that your small business in Australia is not vulnerable to these criminals, you are mistaken. Every business with an online presence is at risk of a cyber-attack, and with an incident happening every 8 minutes, it is time to take the necessary precautions and obtain the right coverage for your business.
In essence, safeguarding customer data is crucial. Failure to do so may lead to grave consequences for your business.

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What does Cyber insurance typically cover?

Cyber insurance protects businesses against legal costs and expenses from cybercrime incidents, covering restoration expenses related to data breaches, network downtime, and other expenses.

  • Data breaches including theft or loss of client information.

  • Network security breaches

  • Business interruption costs

  • Forensic investigation into the cause or scope of a breach

  • Data recovery costs

  • Cyber extortion

  • Crisis management costs (to protect or mitigate damage to your business reputation resulting from a cyber event)

  • Loss and legal costs, including fines and penalties resulting from a third-party claim for data or network security breach against your company.

Who benefits from this type of Insurance:

  • Any business that trades via a website or online platform
  • Any business that uses email
  • Any business that deals with customer data
  • Companies reliant on IT systems to conduct business.

Cyber-attacks are becoming increasingly common, and small businesses are vulnerable. That’s why it’s essential for small businesses with a digital presence to consider cyber insurance.