Cyber Liability Insurance

Cyber Insurance

What is Cyber Liability Insurance?

Cyber liability insurance covers the financial losses incurred as a result of data breaches, cyber-attacks, or other cyber-incidents.

If you own or operate an organisation that handles sensitive data, such as credit card information or healthcare records, cyber liability insurance is important to protect against potential financial consequences due to a cyber incident.

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Importance of Cyber Liability

Protection for all businesses

There are different types of organisations that need cyber liability insurance. These include small businesses, midsize companies, and large enterprises.

When handling sensitive data, it's important to minimise the risk of a cyber attack by practicing security best practices and having adequate cyber insurance coverage.

We are Sydney insurance brokers who can help you find the right policy suited to your business.

What does Cyber Liability insurance typically cover?

Network Business Interruption

Privacy Liability

Network Security

Media Liability

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Frequently Asked Questions About Cyber Liability Insurance

Utilise strong passwords and update them regularly. Make sure that your passwords are not easy to guess and use a mix of upper-case letters, lower- case letters, numbers, and symbols.

Use multi-factor authentication wherever possible. This means that you need to provide two or more forms of verification when signing into an account - such as a password, confirmation code sent via text message, or fingerprint scan.

Install security updates for your software as soon as they are available. Software companies continuously release security patches and updates to ensure their programs remain safe from attack. Keep all your software up to date to reduce your risk of data theft.

Ensure that your firewalls and antivirus programs are up to date and working properly. Firewalls can be used to block access from malicious third parties while antivirus programs will detect any viruses present on your computer.

Regularly back up important data and store it securely. Backing up data ensures that you have access to it even in the event of a cyber-attack or security breach. Try storing data in external hard drives or cloud services to secure your system.

The duration of a cyber liability insurance policy depends on the provider and the amount of coverage you select. Generally, it is recommended that policies be renewed annually as new threats and technological advancements emerge.

Policies should also be reviewed regularly to ensure they are providing adequate protection against any cyber breach or data breach incident. We can help to review and recommended policy term lengths and renewal periods in order to stay protected from hackers and other cyber criminals.

The cost of cyber liability insurance will depend on the coverage you select and the size of your business. Generally, small businesses can expect to pay between $1,000 and $2,000 per year for mid-level coverage, while larger businesses could pay upwards of $5,000 annually.
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We'll work with you to discuss in detail what you’re looking for in terms of cyber security coverage.

Protect Your Business with Cyber Liability Insurance