Cyber liability is a type of business insurance that can offer you protection against an array of cybercrime. These days, there are many risks to your online data and identity caused by hackers getting through your online defences. According to BizCover, in 2021, 63% of organisations in Australia suffered some sort of cyber security breach.
You can compare cyber liability insurance quotes right here with Savvy so you can get the protection you need in minutes. You'll be able to consider a range of quotes from some of the country’s leading business insurers for policies that can protect you from loss caused by data or online identity theft. Start to feel that peace of mind by comparing free quotes here through Savvy today.
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We’ve partnered with BizCover to bring you a range of business insurance policies to help you compare them side by side.
Why might my business need cyber liability insurance?
Some of the risks you face can include:
- Customer data being stolen (and a ransom demanded for its return)
- A denial-of-service (DoS) attack (where hackers lock you out of your systems and demand a ransom be paid to allow you access again)
- The theft of your social media sites or handles (with the risk of impersonation or public relations damage)
- The hijacking of your key online addresses (so customers are diverted from your sales site to another with a demand for money in order to return your online traffic to you)
- Trade secrets, intellectual property or patent information being stolen
- Sensitive, secret or national security information being accessed by hostile nations
What does cyber liability insurance include and exclude?
Cyber insurance will cover you for the costs associated with recovering from any cyber infiltration, hack or attack. It covers the cost of:
- Data recovery (including the cost of hiring experts to assist you to recover your data)
- Cyber extortion (if you have to pay a ransom or extortion amount to get your website back under your control)
- Crisis management (to decide how best to deal with the attack)
- Media and advertising (if required to communicate to your clients or customers in relation to the attack)
- Legal costs (to defend yourself against any third-party claims or legal fees associated with the attack)
- Fines and penalties which may be imposed by regulatory bodies as a result of hackers getting into your systems
Cyber liability is a very specific type of insurance and doesn’t overlap much with other forms of policy. For instance, business assets insurance can sometimes offer coverage similar to business contents insurance. However, few other forms of insurance offer anything near cyber protection.
The only duplication you may encounter regards cover for legal costs. Cyber protection will cover legal costs to defend yourself against the consequences of a cyber attack and this same cover can sometimes be offered by professional indemnity insurance (for example, if you face a claim from a third party for negligently storing sensitive customer data).
What isn’t included:
- Damage to computer hardware
- System failures due to power outage
- Failure of satellites or telecommunication services
- Upgrading of an application, system or network (if not directly linked to the hacking attack)
- Prior known facts or circumstances
- Intentional or fraudulent acts by the insured, or employees of the insured party
- Bodily injury or property damage
