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 2019, cybercrime cost Australians around $634 million, according to Scamwatch — and the real figure is likely higher due to under-reporting.
On average, medium-sized Australian businesses pay $1.9 million when they fall victim to cybercrime, and small and medium businesses are targeted 60% of the time.
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. The Australian Cyber Security Centre's Annual Cyber Threat Report has described cybercrime as one of the most significant threats Australians face, with a report occurring roughly every 10 minutes. In 2019, cybercrime cost Australians around $634 million, according to Scamwatch — and the real figure is likely higher due to under-reporting. On average, medium-sized Australian businesses pay $1.9 million when they fall victim to cybercrime, and small and medium businesses are targeted 60% of the time.
- Crisis management
- Customer notification
- Extortion costs
- IT systems
- Lawsuits
- Regulatory commission fines
Then there's the price you can't put in a spreadsheet: your reputation, employee morale and customer loyalty after an attack.
Get a quote today
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
Most policies pay the ransom in some cases and help with crisis management — but 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.”
KeylendRelated cover
Get a quote today
General advice only. Consider the relevant PDS & TMD before acquiring any product.