Cyber Insurance is a modern policy wording that’s constantly evolving in the Australian marketplace. Cover often varies significantly between insurers and it can be difficult to compare what is and isn’t covered by different policies. This makes it essential to fully understand your cyber exposures to ensure your business is adequately protected.
Below are some of the key policy considerations we can assist with when looking at your cyber insurance requirements.
Is there cover in place for loss of a customer’s personal information, commercial confidental information and employee information?
Does cover include fines and penalties incurred due to a privacy breach? Does this cover include defence and investigation costs?
Are your breach costs covered, including credit monitoring, identity theft monitoring, data restoration and forensic costs?
Is there cover for lost, damaged or destroyed IT systems, records and data? Is there cover for external IT forensic or security consultants?
Is there cover for loss of profits due to a cyber event? What are the pre-requisites to claiming? What is the extent of cover?
Computer Viruses and Hacking
Are you covered for
liability from hacker attack or virus?
loss or theft of your data?
Are you covered by attacks by employees and third parties?
Are you covered for loss by phishing emails?
Are you covered for Denial of Access attacks?
Are you covered for ransom payments and the costs of negotiating or mediating a security threat?
Does your insurer provide you with crisis management to handle a cyber event?
Does your cover provide protection of your brand? How extensive is the cover? Does it extend to cover personal reputation of senior executives?
Our strong understanding on cyber security and background in insurance means that you are discussing polices with experts.
Policies will be issued through BurMac Financial Services Pty Ltd who are Corporate Authorised Representatives (CAR No. 410980) of Insurance Advisernet Australia Pty Ltd (AFSL 240549).
For more information on comprehensive insurance please visit: www.burmac.com.au