Cyber insurance is a specialised insurance product designed to protect businesses against the costs incurred as a result of a cyber-attack. Cyber attack is one of the leading risks for businesses in Australia and Symantec has reported companies with less than 500 employees were most likely to be targeted.
WHAT DOES IT COVER?
- Cyber incident response costs. For example – IT forensics, legal, breach notification and crisis communications.
- Cyber crime (including social engineering, and theft of personal funds)
- Cyber extortion / ransom attack
- System damage
- System business interruption
- Cyber and privacy liability
- Reputation harm
- Management liability (arising from a cyber attack)
- Multimedia liability
For additional information on cyber insurance and some claims examples, click here