Cyber Insurance
Cyber insurance in Australia is an essential cover designed to cover losses to your business, losses to others, response costs, criminal financial losses, and tangible property as a result of a cyber attack. The latest studies reveal that cyber incidents are now considered the number one risk facing businesses globally. So, if your company uses online systems and software, we strongly recommend investing in cyber insurance to reduce the downtime and financial impact that cyber attacks can cause.
DATA BREACHES
A data breach is when private information is stolen or leaked from an online system without the authorisation of the system owner. Cyber liability insurance can cover the costs associated with the inadvertent loss or release of private customer information.
DATA RESTORATION
Cyber insurance can also cover the cost of restoring, recollecting or recreating data after a cyber attack.
CRISIS MANAGEMENT COSTS
In the event of a cyber attack, you may experience damage to your business’s reputation. Cyber insurance helps mitigate this impact via response management and covers any financial loss experienced as a result.
FIRST-PARTY & THIRD-PARTY LOSS
First-party cyber liability insurance supports you in responding to data breaches within your own network and systems. Third-party insurance helps cover any legal costs caused by a data breach on a client’s network.
EXTORTION, RANSOMWARE, MALWARE
Hackers will use different approaches to hijacking your system and data. Cyber liability insurance ensures you’re covered for all of them, including the ransom costs you may have had to pay to re-access your systems and data.
TANGIBLE PROPERTY
This policy can cover the replacement or repair costs of your IT hardware that is physically damaged or unsuitable for use solely and directly because of a cyber event.
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Our priority
Don't let the complexity of insurance get in the way of your peace of mind. Simply fill out the form and one of our expert insurance brokers will contact you to help you find the coverage you need.
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Why should you get Cyber Insurance for your business?
Currently, Australia’s average cost per data breach is a whopping $3.35 million, which is only expected to increase with the Government implementing harsher data breach penalties.
Studies show that Australian organisations can take more than six months to identify a data breach – meaning cybercriminals could have access to and control an entire database for half a year before they are even detected.
The last thing you need while running your business is a malware attack or data breach halting your operations, harming your reputation and blocking your revenue stream.
In Australia, Cyber liability insurance is designed to reimburse certain financial losses caused by cyber incidents. If you use computers, online systems, applications or software to help run your business, it’s in your best interest to invest in Cyber Insurance to avoid the devastating impact and cost of cybercrime.
Contact Knightsbridge today for data-driven strategies and tailored solutions to ensure your business gets the protection it needs.
What’s the difference between Extortion, Ransomware & Malware?
Cyber extortion is when hackers infiltrate your network/systems, steal valuable business data and threaten to release it to the public. Cybercriminals know that leaking this data could cause severe damage to your company’s reputation (even lawsuits), so they will keep control of it until you pay a ransom.
Ransomware is a type of malware that locates and wipes your backups and critical business systems, making them unusable. If the attack is isolated to a single device, you may be able to restore functionality via backups/recovery systems. However, sophisticated cyber criminals will have already reached all your systems and will demand a ransom payment to give back access.
Malware is more of an umbrella term that covers a wide range of malicious functionality, including ransomware, cryptominers, trojans, botnets and more. Each type will have a specific goal, but most utilise the same hacking techniques to achieve them. For instance, phishing emails are a popular delivery mechanism.
The best cyber extortion and malware attack protection is prevention. Most businesses won’t detect a cyber criminal’s presence until it’s too late. Those with Cyber Liability Insurance though experience lower downtime and a higher chance of full recovery. Contact the Knightsbridge team to learn more about how this cover could protect your organisation today.
For more information, download our helpful guide for a more in-depth look at Cyber Insurance
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Why work with Knightsbridge Insurance Group?
Knightsbridge Insurance Group is an Insurance Broking Business with over 70 years of collective insurance experience and is founded on generational values that make you feel secure, protected and cared for. As we grow and expand the Knightsbridge Family, we continue to have a deep understanding of your desire to innovate and be extraordinary — both in business and in life.
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