Home » Cyber Liability Insurance

Cyber Liability Insurance

What is Cyber Liability Insurance?

Cyber liability insurance is designed to protect businesses from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities.

Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products.

Most policies will include first-party and third-party coverage. First-party coverage will protect you from direct losses to your business.

While third-party coverage can protect you from claims made against your business as a result of a cyber event. For example, it can cover the legal costs that arise from a privacy breaches where customer data is compromised.

In the current digital world, the risk of cyberattacks is on the rise, which is why more Australian businesses are choosing to take out a cyber liability insurance policy.

Why Do You Need It?

As recently seen with the Medibank breach, cybercriminals are becoming increasingly sophisticated, and businesses can be held liable for financial losses, damage to reputation and other costs incurred as a result of a cyber-attack. Cyber insurance can help to cover these costs, so it’s important to ensure that you have the right policy in place to protect your business and reduce the impact on your reputation.

What Does Cyber Liability Insurance Cover?

Coverage provided by cyber-insurance policies may include first-party coverage against losses such as:

  • Data Breaches
  • Business Interruption Costs
  • Funds Transfer Fraud
  • Cyber Extortion
  • Crisis Management Costs
  • Data Recovery Costs
  • Fines and Penalties

Phone 07 3340 6770 or get an online insurance quote now.

Disclaimer : This article is not intended to be advice and you should not rely on it as a substitute for any form of advice.
Before you purchase this insurance you need to properly understand the policy’s significant features, benefits, limits and risks and you should carefully read the relevant Policy Wording.

2022-11-21T12:42:26+00:003 Jul, 2018|Categories: Business Insurance|