Cyber Insurance Explained

Increased Government Regulation

On 12 March 2014 new Australian Privacy Principles (APPs), amendments to the Privacy Act and fines of up to $1.7 million for agencies and companies and $340,000 for individuals for serious or repeated invasions of privacy (i.e. for breaches of the APPs/Privacy Act) became effective. 


Insurance Protection

Many insurers are offering protection for the various risks that will affect your business. Below is a summary of the types of coverage available.

Losses to your business:

• Costs and revenue replacement cover
• Cyber investigation expenses

Losses to others: 

• Sums payable in respect to Breaches of Privacy Laws, regulatory fines, penalties, and defence costs.

Cyber event response costs:

• Costs incurred through event response and management services
• Credit and identity monitoring
• Customer notification costs
• Data restoration and securing costs
• Cyber extortion costs
• Virus extraction

Contingent business interruption:

• Costs and revenue replacement for your business if external supplier suffers a Cyber Event.

To discuss coverage for your business, contact the team today!

Contact us