What is cyber insurance?
Cyber insurance covers business owners and individuals against cyber attacks. Cyber-attacks include data theft, ransomware and computer hacking.
According to the Australian Cyber Security Review (2019), cybercrime costs the Australian economy up to $1 billion annually in direct costs alone.
Cyber insurance covers the financial losses to your business, your customers and third parties due to cybercrime including:
Recovering, restoring or replacing data
Loss or liability of customer or third party data
Legal claims and litigation
Paying ransom or hiring specialist negotiators
Who needs cyber insurance?
Almost all businesses rely on some form of online program to store and process data. When you think about something as simple as your company email account and the volume of confidential information it stores, it's clear just how critical it is to be prepared and protected against malicious cyber attacks.
Cyber insurance is highly recommended for any business that has a website or digital data and records.The scale and financial consequences of a cybercrime can’t be predicted, but if one thing is for sure is that it can be very expensive.
Depending on the situation, you could be liable for the cost of specialist IT services to unlock your systems, ransoms, legal claims and rectifying any losses encountered by your staff, customers or clients. The most detrimental thing about a cyberattack is that it can exploit your customers’ personal data, damage your intellectual property and potentially ruin the reputation of your business.
A mini-cyber insurance policy can be added onto an existing business property, liability or professional indemnity policy and is a great option for small businesses and those just starting with cyber cover.
How much is cyber insurance?
A mini-cyber insurance policy ranges from around $250 - $500 but these policies offer limited cover and lower sub-limits. A standalone policy starts from around $750 - $1,000 and is highly recommended for businesses who are more exposed to cyber risk.
Get your cyber insurance quote with Insurance HQ
We have access to some excellent cyber insurers in Australia. For more information or to get a tailored quote for your business, get in touch today on 1300 815 344. One of our friendly and multi-award winning brokers would be more than happy to assist you with all of your Cyber Insurance enquiries.
Why choose Insurance HQ?
Insurance HQ is a friendly family-owned & run insurance brokerage.
We have been in the industry for over a decade and specialise in bringing our customers’ real service and insurance coverage they can count on.
How are we different?
We take all of the stress out of choosing cover as we know what policies offer genuine protection vs coverage that simply “sounds good”.
In the event of a claim, our multi-award winning team will take all the hassle and stress out of the process, handling the situation for you. With years of experience handling all forms of claims, there isn’t a scenario we haven’t heard or mastered the art of dealing with.
No one knows the industry better – we get our clients the best possible cover, for the best possible price and we fight for your best interest.
Beyond our customer service and our industry experience, we’ve spent many years building a strong rapport with insurers and negotiating competitive premiums.
With access to over 170 insurers and a friendly team who will take care of you, come and experience the Insurance HQ difference today.