Cyber Insurance

Cyber Insurance helps protect businesses from liability posed by digital threats, such as hacking, ransomware, phishing scams, and more. As digital risks grow, Cyber Insurance can provide your business with financial support and expert help in the event of a cyber incident.

What is Cyber Insurance?

Also known as Cyber Liability Insurance, this policy helps businesses recover financially after a cyber incident. Cybercrime is increasing in Australia with many notable businesses having suffered large attacks. These newsworthy attacks have brought light to the severity and increasing incident rate of cybercrime, with many businesses now being aware of their need for protection. 

While certain industries may be more aware of their risk of cyber attacks, such as healthcare and financial services, any business that stores sensitive data or relies on digital systems may be at risk. Regardless of the size of your business, Cyber Insurance may benefit you and is worth considering if you want to protect your business from the financial threat posed by cyber criminals. 

Speak with a professional, such as us here at Broad Risk, for more bespoke guidance and help in deciding whether or not cyber liability insurance is right for you. 

What is Typically Covered by Cyber Insurance:

Cyber Insurance helps businesses offset the costs associated with the aftermath of a cyber crime or attack. The following is typically covered by Cyber Insurance:

• Data Breach Response: Costs associated with managing a data breach, including customer notification, credit monitoring services, and public relations efforts.

• Business Interruption: Compensation for income lost and extra expenses incurred when a cyber event disrupts your business operations.

• Cyber Extortion: Protection against losses due to ransomware or other cyber extortion tactics where a threat actor demands payment to prevent damage to, or return of, electronic data.

• Legal Fees and Regulatory Fines: Coverage for legal expenses and regulatory penalties that may arise from cyber incidents, subject to the limits and conditions of the policy.

• Network Security Liability: Protection against claims alleging that a failure in your network security caused harm to a third party, such as the spread of malware or unauthorized access to customer data.

• Data Restoration: Costs to restore or recover lost or corrupted data as a result of a cyber attack.

Coverage provided by your cyber insurance policy may differ, so its important to speak with a professional to decide on the right policy for your needs. 

Call or email us now to discuss comprehensive cyber insurance coverage that is tailored to your business’ unique needs.

What is Not Typically Covered by Cyber Insurance:

Depending on your policy, what is and isn't covered may differ. The following is what is not typically covered by cyber insurance:

• Outdated Technology: Losses related to the use of unsupported or outdated hardware or software may be excluded.

• Intentional Acts: Intentional illegal acts or malicious activities conducted by the business or its employees are not covered.

• Infrastructure Failures: System failures not caused by a cyber attack, such as power outages or ISP downtime, are typically not covered.

• Loss of Value: Depreciation in value of any data or software is not covered.

• Bodily Injury or Property Damage: Physical damage or injuries are generally covered under other forms of insurance.

Have a question?

Scroll down to see our cyber insurance FAQ, or contact us today -- we'll be happy to answer your questions!