Cyber Insurance provides cover for financial loss and expenses that businesses may suffer as a result of a Cyber Event, including cyber attacks from malware or other invasive software, cyber extortion and social engineering. Claims covered under a Cyber policy are very broad, but are typically three core things: Liability (privacy lawsuits and regulatory defence), Internal Financial Loss (extortion, notification expenses, data recovery, business interruption, crime/theft), and Emergency Incident Response (costs incurred from responding to a Cyber Event).
What is Cyber Insurance?
The main coverages in a Cyber policy typically include:
- Privacy Breach Notification & Crisis Management Costs
- Privacy & Security Liability
- Cyber Extortion
- Business Interruption – Loss of Profits & Operational Expenses
- Data Recovery & System Damage
- Regulatory Defence and Fines
- Media Liability
There are additional coverages usually available for extra premium:
- Social Engineering & Funds Transfer Fraud
- Contingent Business Interruption
- Payment Card Data Security Liability
Please have a look at our Cyber Insurance Explained article for more details on all the coverages included in a Cyber Insurance policy.
Why is Cyber Insurance such a unique product, and why is it so important?
Watch this short video from KBI’s Cyber Insurance broker, Tyler Speers, for a better understanding of Cyber Insurance.
Have any questions?
We’re here to help. Speak to a Cyber Insurance Expert today.
Why work with KBI?
1. Expert Brokers
Cyber Insurance is a complicated product notorious for industry jargon (both IT & Insurance), so it is important to have a dedicated team of Cyber Insurance brokers on your side to give you advice and guide you through the process.
2. Assistance with the Submission Process
We help you answer questions and complete the forms necessary to get quotes. This is important as it not only makes for an easier process, but also ensures the insurers have the necessary information to properly underwrite and quote.
3. Quote Analysis
We help clients make an informed decision by providing a plain-language breakdown of the quote(s), so they understand what they are buying
4. Product Updates
Cyber insurance is the fastest changing product in the insurance market, so it is very important that brokers and clients alike stay up to date with the changes as they happen. We have a focus on Cyber Insurance and continually provide updates to our clients and contacts through our Cyber blog.
5. Incident Response
This is crucial for Cyber Insurance policy holders to reduce the severity of a loss and get business operations back up and running. We work with key incident response teams to assist our clients in the event of a Cyber Event.
6. Claims Management
Our Cyber team not only has experience managing small and large Cyber Claims, but understand the importance of working side by side with the insurers and incident response teams to ensure claims go smoothly. We also have access to 24/7 emergency incident response immediately following/during a Cyber Event, included at no extra cost.
Cyber Team
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Contact Info
Street Address:
Level 18, 140 St. Georges Terrace, Perth, WA, 6000
Postal Address:
PO Box Z5102, St. Georges Terrace, Perth WA 6831
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