Business Insurance
Protection for the wealth you store in your data
You've insured your premises, your belongings and your income. But what about the data in your databases, and the systems you rely on to keep running?
In 2024–25 the Australian Signals Directorate received over 84,700 cybercrime reports — one every six minutes.
The average self-reported cost of a cybercrime report was $56,600 for a small business and $97,200 for a medium business, according to the ASD Annual Cyber Threat Report 2024–25.
What is cyber insurance?
Cyber insurance policies cover losses from online criminal activity. The Australian Federal Police identifies cybercrimes including computer invasions; the fraudulent acquisition or trading of personal financial information; the creation and distribution of malicious software such as malware, viruses and ransomware; and unauthorised damage to electronic communications or data.
Do I need cyber insurance?
Cyber-attacks on Australian businesses are increasing. In 2024–25 the Australian Signals Directorate received over 84,700 cybercrime reports — one every six minutes. The average self-reported cost of a cybercrime report was $56,600 for a small business and $97,200 for a medium business, according to the ASD Annual Cyber Threat Report 2024–25. Under-reporting means the real figures are likely higher.
- Crisis management
- Customer notification
- Extortion costs
- IT systems
- Lawsuits
- Regulatory fines and penalties
Then there's the price you can't put in a spreadsheet: your reputation, employee morale and customer loyalty after an attack.
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What will a cyber policy cover?
A cyber policy covers first-party losses — those that hit you and your company directly — and third-party losses, which come as claims from people affected by your security breach.
Common exclusions
Some policies contribute to extortion payments in limited circumstances, and most help with crisis management — check with us what your policy covers before you need it.
- Expected losses — losses you anticipate before the attack
- Loss of intellectual property — difficult to underwrite, so most policies focus on you, your company and your clients
- Improving your systems — upgrades and extra training after an attack are usually not covered
Risks to look for in your policy
- Information stolen by hackers (employee, personal and confidential client or product data)
- Legal action from people affected by the breach
- Business interruption and lost income while you recover
- Virus or system damage to hardware and software
- Defamation and copyright or trade mark infringement claims
- Ransom demands and the cost of crisis management
From our clients
“Our dealings with KeyInsure have always been very friendly and helpful, also very quick response and professional advice. Pretty sure they save us money on our insurances also. Thank you.”
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General advice only. Consider the relevant PDS & TMD before acquiring any product.