Cyber Insurance

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Cyber Insurance in Australia

In today’s digital age, businesses of all sizes and industries rely heavily on technology and digital data. Technological advancement has brought convenience and efficiency to them, but it also made them more vulnerable to cyber-attacks.

Cybercrime is a growing threat to businesses. The consequences of a successful attack can be devastating – both financially and in terms of reputation. That’s where cyber insurance comes in.

Learn more about how cyber risk insurance can help protect your business from the impact of cybercrime.

What is Cyber Insurance in Australia? 

Cyber insurance protects business owners and individuals against cyber attacks. Cyber-attacks include data theft, ransomware, and computer hacking.

The Annual Cyber Threat Report 2021-2022 reveals that the Australian Cyber Security Centre registered an alarming 76,000 cybercrime reports, indicating a 13% rise from the preceding fiscal year.

In 2021-2022, Queensland (29%) and Victoria (27%) reported significantly higher rates of cybercrime relative to their populations. The average cost per cybercrime report has risen by 14%, with small businesses incurring over $39,000, medium businesses over $88,000, and large businesses over $62,000.

It covers the financial losses to your business, your customers, and third parties due to cybercrime including:

  • Recovering, restoring, or replacing data

  • Loss or liability of customer or third-party data

  • Crisis management

  • Legal claims and litigation

  • Paying ransom or hiring specialist negotiators

Who needs it?

When you think about all the private info kept in a simple company email, it’s clear how crucial it is to shield your business from cyber attacks. Since most businesses rely on online tools for data storage and processing, being prepared is key.

If your business has a website or digital records, getting cybersecurity insurance is a smart move. We can’t predict the full impact and costs of cybercrime, but one thing’s certain—it can get expensive.

Depending on the situation, you might end up covering the cost of specialized IT services, ransoms, and legal claims to fix losses for your staff, customers, or clients. The worst part of a cyberattack is the potential damage to your customers’ info, your intellectual property, and your business’s reputation.

For small businesses or those just getting into cyber coverage, adding a mini-cyber insurance policy to your existing property, liability, or professional indemnity policy is a great option.

How much is cyber insurance?

The cost of cyber liability insurance in Australia varies depending on the type and level of coverage needed, the size of the business, and the level of cyber risk exposure.

A mini-cyber insurance policy can range from around $250-$500, but these policies offer limited cover and lower sub-limits. A standalone policy starts from around $750-$1,000 and is highly recommended for businesses that are more exposed to cyber risk.

However, various factors such as the industry type, amount of sensitive information stored, company size, and level of implemented security measures can influence the cost of cyber liability insurance. It’s crucial to understand that although cybersecurity insurance may appear to be an additional expense, the financial and reputational damage from a cyber attack can be much greater.

Therefore, investing in cybersecurity insurance can provide peace of mind and safeguard your business against the devastating effects of cybercrime.

Why choose Insurance HQ?

Insurance HQ is an excellent choice for Cyber Insurance for several reasons:

1. Expert Brokers: Our experienced team knows the ins and outs of the insurance industry, especially when it comes to cyber insurance. We can customize policies to match your business’s unique needs, providing thorough coverage.

2. Wide Range of Options: We collaborate with reputable insurers, offering you diverse policy choices at competitive prices. By understanding your business’s cyber risks, we give expert advice on the best policy that suits both your needs and budget.

3. Exceptional Customer Service: We take pride in delivering top-notch customer service. Our team is ready to address any questions or concerns you may have. We are committed to making sure you get the right insurance coverage to safeguard your business from the risks of cybercrime.

Ready to get started? Contact us today at 1300 815 344 or fill out the form below ⬇️ for a FREE quote. Find out why Insurance HQ is the best choice for your business’s insurance needs.


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