cyber attack insurance

Cyber attack has fast become the most talked about business risk globally. In Australia alone it is estimated to cost the economy in excess of $1bn annually.

Cyber crime is now one of the top 5 critical risks businesses now face in Australia, whilst it is quite possible you have not considered cyber attack insurance until now, it has been widely reported by cyber experts that it is not a matter of if but when you or your business is exposed to cyber crime.

Almost every business has a dependency on IT, whether it's computer hardware, data, software, POS and websites, they are all at risk.

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Cyber attack insurance will cover the following risks to your business:

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• Third party claims - covers your liability to third parties from your failure to keep private information secure, this is also known as a Privacy Breach You could be liable for compensation to any third parties, investigation costs, defence costs and fines and penalties from breaching the Privacy Act.

• First party costs - reimburses you for the costs you would incur to respond to a cyber attack, such as IT costs, credit monitoring costs, public relations expenses and cyber extortion costs (including ransom payments to hackers).

• Business interruption - this section provides protection to your business for loss of profits resulting from a cyber attack, as well as any additional necessary expenses it may incur to continue business as usual.