Cyber Insurance

Get peace of mind and protection against cyber attacks, such as computer hacking, ransomware or data theft.

What is cyber insurance?

Cyber insurance is designed to help protect your business from the financial impact of computer hacking, ransomware or data theft.

Every business that has a website or keeps electronic records is vulnerable to cybercrime or a data breach – and the consequences of a cyber event could be very costly.

Depending on the situation, you may be up for the cost of ransoms or IT remediation to repair your systems.

You could also be liable for the costs of reporting the breach, legal claims, and remediating any losses suffered by your customers or clients. In Australia, if you spot a security breach, you’re also legally required to report it to the Office of the Australian Information Commissioner. You’ll also need to notify the people whose information has been affected.

Remember, a cyber attack or data breach may cost your business more than just money. It could threaten your intellectual property, put your customers’ personal information at risk and cause major damage to your business’ reputation.

How you can be protected with cyber insurance

Cyber insurance coverage may vary depending on the insurance policy and insurer. Our insurance brokers can help you find the most suitable product that meets the needs of your business.

To give you an idea, here’s the type of cover that your policy may include:

Business interruption losses
Covers financial loss you may suffer as a result of a cyber attack
Cyber extortion
The costs of a cyber attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats
Electronic data replacement
The costs of recovering or replacing your records and other business data
Security and privacy liability
Damages to your reputation resulting from data breaches, such as loss of third-party data held on your system
Defence costs
Funds the legal costs of defending claims
Regulatory breach liability
Covers legal expenses and the costs of fines arising from investigation by a government regulator
Electronic media liability
The costs of copyright infringement, defamation claims and misuse of certain types of intellectual property online
Crisis management expenses
Provides cover for the costs of managing a crisis caused by cyber hackers
Notification and monitoring expenses
The costs of notifying customers of a security breach and monitoring their credit card details to prevent further attacks

Does my business need cyber insurance?

If your business has a website or electronic records, it’s likely that your business will be faced with a cyber attack at some stage.

Cyber insurance coverage can help with financial losses to your business, your customers and other parties following a cyber security breach.

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 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.

Tips or other things to know about cyber insurance

Exclusions and the excess you need to pay on cyber insurance coverage 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 our insurance brokers can outline for you.

Personal cyber insurance is also available for individuals and families.

Have a question? We can help

What does a cyber insurance policy cover?

Cyber insurance generally covers the financial impact of computer hacking, ransomware, or data theft. This could include business interruption losses, the costs of a hiring negotiation experts, the costs of extortion demands and prevention of future threats, electronic data replacement, legal expenses, security, and privacy liability.

What is cyber insurance and how does it work?

Cyber insurance is designed to protect your business from the financial impact of computer hacking, ransomware, or data theft.

What is the cost of cyber insurance?

The cyber insurance cost can vary widely depending on the needs of your organisation, including:

  • Type of industry
  • Type of business
  • Size of the company
  • Amount of sensitive information the company maintains
  • Annual revenue
  • Strength of security measures
  • Coverage level
  • Claims history

Our brokers can help tailor a cyber insurance policy for you and provide accurate cyber insurance cost estimates.

Is cyber insurance necessary?

For most businesses the answer is yes, you should consider cyber insurance.

However, it’s important that you take proactive measures to ensure sound security management is in place within your business and that security software is used to minimise your businesses exposure.

We know that navigating the world of insurance can be complex and confusing.

Even if you don’t know the first thing about insurance, we provide the expertise and support to help you understand your risks so that you can focus on your business.

What should I look for in a cyber insurance policy?

Having a sufficient cyber insurance policy is an essential part of being prepared to respond to a cyber attack.

It’s important to make sure your cyber insurance policy provides your business with adequate cover, which will depend on the nature of the business. Talk to us to find the right solution for your business.

Insurers we work with

Chubb insurance quotes – NewSure Insurance Brokers
AIG Australia quotes - NewSure Insurance Brokers
Emergence insurance quotes – NewSure Insurance Brokers


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Personal Cyber Insurance

Help safeguard yourself and your family against online risks with personal cyber protection insurance. Get a quote online today.

Insurance made radically easier

Call us on 02 4969 8100 or request a call back.

We know that navigating the world of insurance can be complex and confusing. Our brokers compare the myriad of insurance options on the market for you, providing expert advice to implement your chosen plan.

We empower thousands of Australian businesses to focus on what they do best, knowing they’re protected against any possible eventuality.