Cyber Protection Insurance | Computer Hacking or Data Breach Cover

Giving You Peace Of Mind In An Increasingly Digital World

Hackers, ransomware, and phishing are just some of the many cybercrimes against small businesses. While these threats aren’t as visible as employee accidents or natural disasters, they can result in serious data theft, reputational damage, and even business failure.

Cyber insurance takes into account these risks and aims to reduce them and any potential damage in the event of an attack. At CIA, we help businesses source the right cyber protection insurance and secure their business data in a world that’s increasingly online.

What Is Cyber Protection Insurance?

Cyber protection insurance is designed to help protect your business from the financial impact of cyber risks. This risk primarily refers to the risk posed to a business by a data breach or network compromise.
With more processes and data online, there’s a growing threat of cyber risks to small businesses online. It can occur from human error, malicious employees, organised crime gangs, and even acts of war or disruption.
If your business has a website or electronic records, you’re vulnerable to cyber hackers. Unfortunately, cyber attacks could cost your business more than money - they threaten your intellectual property and put customers’ personal information at risk, which can significantly damage your hard-earned business reputation. Any business can be the target of a cyber-attack, you only need an email address for it to happen.

What Does Cyber Protection Insurance Cover?

Business interruption losses from cyber attack

Costs of hiring cyber
attack experts

Costs of replacing stolen
business data

Damages resulting from
data breaches

Legal expenses from defending claims and cost of fines

Costs of notifying and
monitoring customers to
prevent further attacks

Costs of managing the crisis caused by cyber hackers

Statistics To Consider

Australia is the 5th most targeted country for cyber attacks globally

More than 20% of Australian businesses have experienced cybercrime

43% of all cybercrimes are targeted at small businesses

88% of data breaches in companies are caused by human error

Scenario

Your employee opens an email attachment infected with a ransomware virus, which has blocked all access to your systems and data. The virus software informs you that you must pay the ransom amount to unblock your access. Rather than paying the hacker and opening your business up to further extortion attempts, you hire external IT consultants to recover your data and files, and upgrade your antivirus software. Over the week it takes to apply these fixes, you have to close your business, causing you to lose revenue. Additionally, one of your clients threatens to sue you for the data breach, resulting in significant reputational damage.

With Cyber Protection Insurance

A cyber protection insurance policy allows you to recover some of the costs you incur during this incident. An insurer's incident response team must be notified, and they will arrange their own experts who are experienced in cyber claims to assess the damage. Depending on your policy, you may be able to make a claim the following :

Losses caused by the interruption to your business
The costs of recovering your data and upgrading your software
Any ongoing crisis management expenses

Without Cyber Protection Insurance

In addition to the losses incurred from managing the cyber attack and preventing it from happening again, your business also suffers from indirect losses as a result of reputation damage.

Cybersecurity Starts Here

Don’t leave your business exposed to the growing cyber threats. Prevention is the best form of protection, and cyber security insurance is the ultimate form of prevention that protects your business from significant harm.

CIA can source and advise you on the right cyber protection insurance tailored to your business. With decades of insurance experience backed by a strong broker network, our team can also support you during a claims process, offering reliable advocacy in the event of a cyber attack.

Why Choose Consolidated Insurance Agencies?

With a deep understanding of businesses across a range of industries, our brokers can effectively determine your company’s specific risk profile and tailor the right insurance policy - saving you valuable time researching and comparing cover options.

As part of the Steadfast network, our brokers have the power to negotiate better prices and policy terms for you. You can also gain access to exclusive Steadfast policy terms that offer broader and more comprehensive coverage. No matter your needs, we can ensure your risks are covered by arranging customised policy options. This means better business protection at competitive prices. .

Enjoy the backing of Australia’s largest general insurance broker network, which manages more than 3.2 million policies for small to medium businesses. As part of the Steadfast network, CIA gives you access to policies across local and international markets - helping you find the coverage you need.