Cyber insurance
Technology has never been so deeply entwined in our businesses. While it delivers significant efficiencies and convenience, it also comes with significant cyber risks. Many business owners don’t fully understand how their business could be attacked. While others think they don’t have a cyber exposure at all, due to their industry or size. The reality is anybody who collects data or uses a computer with the internet is at risk. Something as simple as an employee clicking on the wrong link, sending an email to the wrong person or using a corrupted website could leave your entire system exposed.
What does cyber insurance cover?
There are a range of cyber insurance policies available, with the scope of cover varying between insurers and policies. Depending on the policy, cyber insurance can provide cover for both first-party losses suffered by your business and third-party claims made against your business.
Some of the key areas of cover to consider include:
First-party losses
- Incident response costs
- Business income loss following a covered cyber incident
- Data restoration costs
- Breach response costs
- Notification costs
- Legal defence costs
- Cyber extortion
- Regulatory fines and penalties, where insurable
- Payment Card Industry (PCI) fines, penalties and assessments, where covered
- Cyber reputational harm
Third-party losses
- Security and privacy liability arising from a covered cyber incident
Maple Insurance & Risk
Level 5, 20 Bond Street
Sydney, NSW, 2000
info@mapleinsurance.com.au
(02) 8329 0999
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Maple Managed Risk Pty Ltd trading as Maple Insurance & Risk is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd. AFSL No. 240549.
Corporate Authorised Representative No. 1288279. Visit the Insurance Advisernet website.
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