A cyberattack or breach can cause direct financial loss, damage and/or disruption to business operations. It can also give rise to third party liabilities if a negligent or malicious online act results in identify theft, credit card fraud, invasion of privacy or any number of other losses. Protecting your business against losses associated with cyber risk makes good financial sense and should be a key component of your cyber risk mitigation strategy.
The Cyber Event Protection policy we offer provides comprehensive cover for the liability and expenses arising out of unauthorised access and use of data or software within an organisation’s IT infrastructure, including losses to others.
-Losses to your business – Costs and revenue replacement cover.
-Loss to others – Sums you become liable to pay, including regulatory fines, penalties and litigation costs.
-Cyber event response costs – Costs to respond to a cyber event, such as virus extraction, securing/ restoring your data and notification/ PR costs.
-Contingent Business Interruption – Costs and revenue replacement if you suffer business interruption due a cyber event at a supplier’s business.
-Cyber Theft – We pay the direct financial loss due to cyber theft or telephone phreaking.
-Tangible Property – Physical damage to your IT infrastructure.
Point of Sale (POS) intrusions: Where retail transactions are conducted, specifically where card – present purchases are made.
Physical Theft and Loss: Any incident where an information asset went missing, whether through misplacement or malice.
Cyber Extortion: Crime involving an attack or threat of attack against your IT infrastructure , couple with demand for money to stop the attack.
Insider and Privilege Misuse: Any unapproved or malicious use of organisations resources. Mainly insider misuse or external (through collusion)
Miscellaneous Errors: People make mistakes! Unintentional actions directly compromised a security attribute of an information asset.
Web App Attacks: This includes exploits of a code – level vulnerabilities in the application as well as thwarting authentication mechanisms.
Cyber Espionage: Unauthorised network or system access linked to state affiliated actors and / or exhibiting the motive of espionage.
Payment Card Skimmers: Where a skimming device is physically implanted on an asset that reads magnetic stripe data from a payment card.
Denial of Service: Intended to compromise the availability of networks and systems. Includes both network and application layer attacks.
Crimeware: A form of malware. Primary goal is to gain control of systems to steal credentials.
Hacking: Malicious or unauthorised access to your IT infrastructure.
Policy provides coverage for a drop in revenue over prior periods as a result of a Cyber Event. Increased costs are covered as well, and indemnity periods are available up to 365 days.
3rd Party Liability and Multi Media Injury
Policy defends and pays losses that the business is legally liable for. This includes judgments, settlements and awards for damages, regulatory and civil fines and penalties.
Policy provides coverage for cyber related Multi Media Injury in business communications, advertisements and promotions. Covers libel, slander, defamation, infringement of trademark, domain name or copyright, misappropriation of ideas, invasion of privacy or inadvertent disclosure of personal information.
If the business suffers a Cyber Event, the policy covers:
-restoring and replacing data or programs that have been damaged or destroyed
-cost to mitigate further damage which includes the cost to purchase replacement licences if necessary
-credit and identity monitoring costs
-external management costs such as public relations and communication management
-legal and forensic costs
-IT consultant costs
Optional Coverages: You have the option to choose these further protections
Contingent Business Interruption
If an external supplier suffers a cyber event that causes Business Interruption to the insured business, the policy covers the impact on the insured’s business costs.
Cyber Theft and Telephone Phreaking
Cyber Theft covers stolen funds as a result of a cyber event. This includes both the business’s own funds as well as funds the business holds on behalf of their clients.
If the company’s telephone system is compromised due to a Cyber Event and the business receives a large, unexpected phone bill as a result, the policy will cover the direct financial loss.
Policy covers the replacement of the business’s IT infrastructure that’s been physical damaged due to a Cyber Event.
The protection is triggered by these Cyber Events
|Denial of Service|
|Insider and Privilege Misuse|
|Payment Card Skimming|
|Physical Theft and Loss|
|Point of Sale Intrusion|
|Web App Attacks|
Coverage for Losses to your Business
|Indemnity Period||Options from 30 days up to 365 days|
Coverage for Losses to Others
|Civil Fines and Penalties|
Coverage for Response Costs
|Credit and Identiy Monitoring|
|Customer Notification Costs|
|Data Restoration Costs|
|Data Securing Costs|
|External Management Costs
(Including Public Relations)
|Contingent Business Interruption|
|Options for Limits of Liability from $250,000 up to $10m (Higher limits available on request)|
Cyber Insurance helps the insured’s business recover after a cyberattack or a data breach. Organisations are increasingly reliant on technology. With ever more digital products and services,
businesses are ever more in need of cyber protection. Click here to view claims examples such as hacking and how the cyber event protection responds.
Everyone can be a cybercrime target – even SMEs – and the onus is on SME owners to stand up to the cybercrime epidemic, spread awareness and do their part to prevent incidents. That process begins with simply admitting the problem exists. Contact us today to discuss our Cyber Event Protection policy and get a quote.
This insurance is arranged by Ansvar Insurance Limited ABN 21 007 216 506 AFSL No 237826 (“Ansvar”), Level 5, 1 Southbank Boulevard, Southbank VIC 3006. While Ansvar is a general insurer and its Australian Financial Services Licence authorises it to issue general insurance products, it is not the issuer or the insurer of the Cyber Insurance Protection policy. Nothing in this policy is, or may be relied upon, as a representation by Ansvar or any of its related bodies corporate. To the extent permitted at law, neither Ansvar nor any of its related bodies corporate guarantees or accepts liability for any products offered by Emergence Insurance Pty Ltd. Emergence Insurance Pty Ltd (ABN 46 133 037 153, AFSL 329634) acts as agent of Certain Underwriters at Lloyd’s. The information contains general information only and has been prepared without taking into account your individual objectives, financial situation or needs. Before acting on any information, you should consider its appropriateness having regard to your individual objectives, financial situation or needs. You should obtain a copy of, and consider, the relevant disclosure document and/or Product Disclosure Statement before making a decision. Policy terms, conditions and limits apply.