Cyber Insurance

FAQs

What are the advantages of a Cyber insurance policy?

Cyber crime is on the rise and while your business may put various measures in place, many cyber incidents occur due to human error such as clicking a malicious link or email attachment. The costs associated with a cyber breach can be large so a cyber policy can provide peace of mind with coverage for data breaches, recovery, identity theft and reimbursement for business loss.

What isn't covered in a Cyber policy?

Depending on the policy, coverage exclusions will be detailed in the PDS, policy wording and schedule. Typically, exclusions would include damage to computer hardware, criminal actions by you or your business’ potential future loss of profit, so it’s important to discuss the exclusions of the policy with your insurance broker before making your decision.

How much does Cyber insurance cost?

A cyber insurance policy cost can vary depending on business size, industry, exposure and sensitivity of data, network security in place and prior claims history.

Will I pay more to use an insurance broker?

Insurance brokers are qualified professionals who can accurately asses your risks and make recommendations on insurance cover. Although there can be fees for the service, a brokers knowledge of the industry and ability to search the market for you, will not necessarily cost you extra, but could save you money and provide more suitable cover for your particular circumstances.