Cyber Insurance

Policy Overview

The world is rapidly evolving, and with that comes new challenges, especially in the realm of technology. Traditional insurance policies were never designed to cover many of the modern exposures businesses now face. With increasing reliance on digital infrastructure, businesses are more vulnerable than ever to cyber threats. Cyber Insurance is specifically crafted to address these gaps, ensuring that your business is protected from a wide range of cyber risks.

Cyber Insurance can be broken down into three key components: First Party Cover, Third Party Cover, and Business Interruption. First Party Cover ensures your business has the resources to respond swiftly in the event of a cyber attack. This includes IT costs to restore systems, PR management to protect your reputation, and any other expenses incurred while dealing with the fallout from the attack. Third Party Cover protects your business from liabilities related to third-party claims, such as damages resulting from unintentional privacy breaches or other data security failures that impact clients or customers.

Business Interruption due to cyber events is another critical area of cover that many businesses overlook. Traditional Business Interruption Insurance only applies when physical damage occurs, leaving many organisations vulnerable when their systems go down due to a cyber attack. Cyber Insurance fills this gap, covering your lost income during the downtime. Additionally, with the growing prevalence of Social Engineering attacks—where criminals manipulate employees into making fraudulent payments—Cyber Insurance has become more important than ever. These sophisticated scams can be financially devastating, often targeting senior members of an organisation to trick staff into transferring funds without realising the fraud until it’s too late.

The information provided on this page that may have been implied is General Advice only and does not take into consideration your specific needs, risk appetite or financial requirements. Please contact our office to discuss and review your needs and the appropriate financial product best suited to meet your requirements . Before purchasing any financial product, you should always read the Product Disclosure Statement to ensure the product is suitable for your needs.