Cyber Insurance – helping you in the fight against cybercrime

Living in a digital age we are dependent on technology, communications and data. It is therefore important for businesses to have specialist cyber insurance. Cyber insurance protects you from one of the fastest growing crimes of the 21st century – cyber crime. There are many types of cyber crime. The most common cyber crimes include: hacking, online scams and fraud, identity theft, attacks on computer systems and illegal or prohibited content. Any form of cyber crime can bring down a business overnight. In Australia alone it is estimated to cost the economy in excess of $1bn annually.

Many businesses might not realise that cyber risk is not covered by traditional business insurance. To protect yourself and your business against any security breaches specialist cyber insurance is necessary. Cyber risk affects all organisations, big and small, and it is not industry specific. In fact research shows that SMEs are the most vulnerable to cyber threats and attacks purely because they do not have the security measures in place to stop hackers from gaining access. If you are a SME or feel you do not have the appropriate security measures in place and want to protect yourself from the increasing possibility of cybercrime, feel free to call Coverforce Leed Insurance Brokers to discuss any of the different types of cover we offer under our Cyber Insurance Policy:

Coverage Summary

Cyber Liability – 3rd party liability cover offered under five defined terms:

  1. Privacy Liability
  2. Reputational Liability
  3. Content Liability
  4. Conduit Liability
  5. Impaired Access Liability

Cyber Security offers some extensive 1st person Loss and Expense Cover.

  1. PRIVACY NOTIFICATION EXPENSES
  2. CRISIS MANAGEMENT EXPENSES
  3. REWARD EXPENSES
  4. E-BUSINESS INTERRUPTION AND EXTRA EXPENSE
      i) E-Business Interruption, ii) Extra Expenses
  5. E-threat Expenses
  6. E-vandalism Expenses
  7. Privacy Regulatory Action

Click on the image below to watch a short, informative video provided by Chubb, which explains from a business owner’s point of view why you need cyber insurance.

Coverforce Leed Insurance Brokers are specialist cyber insurance brokers. To find out more about cyber indemnity insurance or for a cyber insurance quote contact us today.