Cyber Insurance
Cyber threats can affect businesses of all sizes, potentially disrupting operations, compromising sensitive information and resulting in significant financial losses.
At AMC Insurance Brokers, we help Australian businesses understand their cyber risks and explore insurance solutions suited to their needs.
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What Is Cyber Insurance?
Cyber Insurance is a type of business insurance designed to help manage certain financial losses and liabilities arising from cyber incidents.
Depending on the policy, cover may include:
- Costs associated with responding to a data breach
- Recovering compromised systems
- Managing a cyber-related business interruption, or
- Responding to claims made by affected third parties.
Cyber Insurance policies vary between insurers. The protection available will depend on the policy wording, selected cover, limits, sub-limits, excesses, exclusions and other applicable conditions.
What Can Cyber Insurance Cover?
Depending on the insurer and policy selected, Cyber Insurance may provide protection for:
Data Breaches and Privacy IncidentsCosts associated with investigating and responding to an eligible data breach, including forensic investigations, legal assistance and notifying affected individuals where required.
| Ransomware and Cyber ExtortionCertain costs arising from ransomware attacks or cyber extortion incidents, including specialist incident response assistance and eligible recovery expenses. Cover for extortion payments, where available, is subject to policy conditions and applicable law.
| Business InterruptionLoss of income and certain additional operating expenses resulting from an insured cyber incident that disrupts business systems, subject to applicable waiting periods, limits and policy conditions.
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Cyber Crime and Financial FraudSome policies may provide cover for specified financial losses arising from cyber crime, such as certain fraudulent electronic transactions or social engineering incidents. This protection is not automatically included in every Cyber Insurance policy and may require additional cover.
| Data and System RecoveryEligible costs of restoring or recovering electronic data, software and computer systems following an insured cyber event. | Third-Party LiabilityCertain legal defence costs, settlements or damages arising from covered claims involving privacy breaches, data security failures or other insured cyber-related liabilities. |
Not all Cyber Insurance policies include every benefit listed above. Cover, eligibility, limits and exclusions differ between insurers, and some benefits may be optional or subject to specific conditions.
Why Should Your Business Consider Cyber Insurance?
Businesses increasingly rely on digital systems, electronic payments, online communications and the secure handling of information.
Even with appropriate cyber security measures in place, incidents can still occur through human error, malicious activity or compromised technology.
A cyber incident could result in:
- Temporary disruption to business operations
- Loss or unauthorised disclosure of sensitive information
- Costs to investigate and recover from an attack
- Financial losses arising from certain types of cyber fraud
- Claims from customers or other affected parties
- Legal, regulatory or notification expenses
- Reputational damage and loss of customer confidence
Cyber Insurance can form part of a broader approach to managing these risks. However, it does not prevent cyber attacks or replace appropriate cyber security controls, business continuity planning or legal compliance.
TARGET MARKET
Who Should Consider Cyber Insurance?
Cyber Insurance may be relevant to businesses across a wide range of industries, including:
Professional services and consulting businesses | Retailers and e-commerce businesses | Healthcare and allied health practices | Accounting, legal and financial services |
Manufacturers, wholesalers and distributors | Hospitality businesses | Construction and Trades | Businesses handling sensitive information |
If your business uses email, stores electronic records, processes online payments or depends on digital systems, it may be worth reviewing your exposure to cyber-related risks.
OUR APPROACH
How Can We Help?
At AMC Insurance Brokers, we aim to make the cyber insurance process clear and straightforward.
01Understanding Your BusinessWe take the time to understand your operations, digital systems and potential cyber risks to identify your insurance needs. | 02Finding the Right CoverWe explore available Cyber Insurance options and explain key benefits, limits, exclusions and conditions to help you make an informed decision. | 03Ongoing SupportWe assist with reviewing your insurance needs as your business evolves and provide support throughout the claims process, within the scope of our services. |
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Frequently Asked Questions
Is Cyber Insurance only for large businesses?No. Small and medium-sized businesses can also experience cyber incidents. The need for Cyber Insurance depends on factors such as the nature of your operations, reliance on technology, information you hold and your potential financial exposure. |
Does Cyber Insurance cover phishing and fraudulent payments?Some policies offer cover for specified types of cyber fraud, including certain phishing and social engineering incidents. However, these losses may be excluded from standard Cyber Insurance cover or subject to separate limits and conditions. It is important to check the policy wording. |
Will Cyber Insurance cover every ransomware attack?Not necessarily. Cover depends on the circumstances of the incident and the policy terms. Exclusions, security requirements, notification obligations and restrictions on certain payments may apply. |
Is Cyber Insurance the same as Professional Indemnity Insurance?No. Professional Indemnity Insurance generally addresses certain claims arising from professional services, while Cyber Insurance is designed to address specified cyber-related losses and liabilities. There may be some overlap, but neither policy should be assumed to replace the other. |
How much does Cyber Insurance cost?Premiums depend on factors such as your industry, business size, revenue, cyber security practices, claims history, selected cover and insurer underwriting criteria. AMC Insurance Brokers can assist you in exploring available options and obtaining quotations. |
Speak to us About Cyber Insurance
Understanding your cyber risks is an important part of protecting your business.
Whether you're considering Cyber Insurance for the first time or reviewing an existing policy, AMC Insurance Brokers can help you explore your options and understand the cover available.
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Important Information
The information on this page is general in nature and does not take into account your objectives, financial situation or needs. Before deciding whether to acquire any insurance product, consider whether it is appropriate for your circumstances and read the relevant Product Disclosure Statement (PDS), where one is required, and policy documentation.
Insurance cover is subject to the terms, conditions, exclusions, limits and excesses of the relevant policy. The availability of cover and acceptance of any claim are determined by the insurer in accordance with the policy terms and applicable law.
Please refer to AMC Insurance Brokers' Financial Services Guide (FSG) or applicable website disclosure information for details about our financial services, remuneration, relationships and complaints arrangements.