Cyber Insurance

In the past two decades, the rise of digital technologies has lead to cyber risk become one of the leading risk factors for businesses in Australia. The Australian Government estimates almost 700,000 businesses have already fallen victim to cyber crime, with many not even realising. More than half of these attacks were targeted at small to medium size businesses with the average cost of a cyber crime attack being more than $275,000. Despite the potential risks and costs, most businesses in Australia remain largely unaware of their cyber exposures.
Cyber Insurance is a modern policy wording that is constantly evolving in the Australian marketplace. Cover often varies significantly between insurers and it can be difficult to compare what is and isn’t covered by different policies. This makes it essential to fully understand your cyber exposures to ensure your business is adequately protected. Below are some of the key policy considerations we can assist with when looking at your cyber insurance requirements.

Privacy Issues

  • Privacy Breaches – loss of a customer’s personal information, commercial confident information and employee information
  • Privacy Fines & Investigations – fines and penalties incurred due to a privacy breach; defence and investigation costs
  • Privacy Breach Notification & Loss Mitigation – breach costs, including credit monitoring, identity theft monitoring, data restoration and forensic costs

System Damage

  • Cover for lost, damaged or destroyed IT systems, records and data; cover for external IT forensic or security consultants.

Business Interruption

  • Cover for loss of profits due to a cyber event; navigating the pre-requisites to claiming based on the extent of cover.

Computer Viruses and Hacking

  • Cover for liability from hacker attacks or virus
  • Cover for loss or theft of your data
  • Cover by attacks by employees and third parties
  • Cover for loss by phishing emails
  • Are you covered for Denial of Access attacks?


  • Cover for ransom payments and the costs of negotiating or mediating a security threat

Crisis Management

  • Crisis management plan to handle a cyber event

Brand Protection

  • Cover to provide protection of your brand, at varied levels including personal reputation of senior executives