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Cyber Insurance | Master Builders Insurance Brokers
Protection for your business against cybercrime.
Fines and penalties
What is Cyber Insurance?
Cyber Insurance is an essential policy in this digital age as cybercrime is now one of the biggest threats faced by Australian businesses.
Cyber Insurance protects businesses against online risks, such as computer hacking, breach of privacy or data theft. As we all now rely upon technology to do business, the threat of a cyberattack is inevitable. The consequences of an attack are far-reaching and may damage your IT systems, compromise your data and temporarily stop you from doing business.
Simple errors such as clicking on a malicious link (malware), attaching the wrong file to an email to more complicated situations such as network or website attacks are time-consuming and costly. They may expose your business and directors to fines and penalties.
You can obtain optional cover for Social engineering, Phishing and Cyber Fraud Cover, some of which were covered traditionally under other insurance policies. So be sure to discuss this with us to ensure you do not double up on insurance and are adequately covered.
Is your turnover more than $3,000,000?
If your company has a data breach, you are required to notify affected individuals and make a report to the Privacy Commissioner in circumstances where the breach could cause ‘serious harm’. Failure to do so results in significant fines for the business and individual directors.
What is covered by a Cyber Insurance policy?
- Business interruption or loss due to a network security failure or attack, human errors, or programming errors
- Data loss and restoration including decontamination and recovery
- Incident response and investigation costs supported by an incident reporting hotline and local vendors
- Delay, disruption and acceleration costs from a business interruption event
- Legal costs including exercising contractual indemnity
- Crisis communications and reputational mitigation expenses
- Liability arising from failure to maintain confidentiality of data, unauthorised use of your network or online media liability
- Extortion or blackmail of your network or data
- Regulatory investigations and/or enforcement proceedings expenses and fines or penalties
Why do you need this policy?
Here's an example:
It’s Monday morning and the start of a brand-new week. Frank fires up his computer and reads through the emails he received over the weekend.
He’s excited to see that a package is on his way to him and clicks on the link to find out when the package will arrive. The email was not genuine and opens a crypto locker virus which completely shuts down the company’s computer systems and is followed by ransom demand to reinstate the system.
Frank’s company took out Cyber Insurance even though they never expected this would happen to them.
A valuable feature of Cyber Insurance is the 24/7 helpline, so Frank’s company was able to get immediate help to get their computer systems up and running as soon as possible.
Advice from our experts: