Almost every business relies on connectivity and cyber data storage. Rest easy knowing that your data and operations are protected with Cyber Liability insurance.
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Cyber Liability Insurance covers your business against the expense and legal costs associated with data breaches, which may occur after being hacked, from theft or from loss of client information.
What is included?
- Business interruption costs
- Investigation and data recovery costs
- Fines and penalties
- Extortion costs
- PR and crisis management costs
What is typically NOT included?
- Replacement equipment
- Property damage
- Prior known facts/instances
- Intentional acts
Why it’s important
Cyber crime costs Australian businesses $4.5 billion annually, with the average data breach costing $2.16 million. Your customer data is sacred, and small businesses are being increasingly targeted by alarmingly sophisticated criminals.
Who it’s for
Smaller businesses are at particular risk from cyber attacks, as they often lack the kind of robust security systems and back-up storage capabilities that larger enterprises have access to.
September 14, 2016
An engineering firm with 20 staff and an approximate turnover of $18 million was hit with a ransomware virus, causing their server to become encrypted and inoperable. The hacker demanded the equivalent of $100,000 in Bitcoin ‘crypto-currency’.
In this case the firm decided to pay the ransom, because after a lengthy delay it came to light that they did not have a viable back-up of their data.
Fortunately, the firm was insured with cyber laibility and they were able to work with their insurer to pay the ransom. Once the ransom was paid, the hacker provided a decryption code and their system was restored.
The total cost of the episode was relatively modest at $180,650, which included the ransom and the cost of diagnostics to complete the system restoration.
IN PARTNERSHIP WITH
These business insurance products are distributed by BizCover Pty Ltd (ABN 68 127 707 975; AR No 338440); a corporate authorised representative of Mega Capital Pty Ltd (ABN 37 098 080 418; AFSL 238549). If you choose to purchase these products we will refer you to them. If you purchase a product as a result of a referral, we will receive a fee. BizCover acts as the agent of the insurers in respect of the insurance products offered on the website and not as your agent. Any advice does not consider your individual needs. You should consider if the insurance is suitable for you and read the Product Disclosure Statement or policy wording before buying the insurance. Information on this website is general information only, you should read the Product Disclosure Statement or policy wording to ensure you understand the full details of any product you are interested in purchasing (including inclusions and exclusions).