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What is Cyber Insurance?

cyber insurance

In today’s world, cyber risk is not just limited to business that are focused on the IT/online spaces. Most businesses have a wide range of cyber-based exposures threatening them from a financial and operational stand-point and the likelihood of these threats are quickly overtaking losses from a fire or flood. In turn, Cyber insurance has become an integral component in protecting a business from loss.

The number of files, systems, programs, processes and marketing that are based online now exceeds those that are not. Taking this into account, Cyber insurance has never been more important. This coverage offers more than just protection for viruses and hacking – it offers protection for the wide range of possible cyber-based attacks and resulting financial losses affecting a business. It focuses on protection from cyber-attacks, privacy breaches, cyber theft & crime, physical damages to hardware, damages to IT systems & information, cyber liability, business interruption costs, defense costs, and more.

How does the coverage work in a Cyber policy?

When considering the Cyber exposures affecting a business, there are numerous occurrences that directly affect a business. There are then several indirect losses that can spin-off from these cyber-attacks. See below for a breakdown in the coverages that are included in a typical Cyber Insurance policy:

Cyber Events

Cyber Attacks

  • Viruses (Crime ware & Malware)
  • Hacking
  • Phishing
  • Cyber Espionage/Extortion

Cyber Crime (optional cover)

  • Cyber Theft & Loss of Money, including occurrences caused by transferring funds, establishing credit, fraudulent activity towards electronic data/information, etc.
  • Crime by former employees
  • Telephone Phreaking (hacking of phone system resulting in unintended charges)

Physical Damages

  • Physical Theft and Loss
  • System Damage to IT Systems, Records, Data, including repair costs
  • Payment Card Skimming

Multimedia Liability

  • Liability from libel, slander, defamation, etc.
  • Copyright & trademark Infringement
  • Liability related to online marketing & advertising)
Business Protection
  • Business Interruption
  • Defense Costs and Legal Expenses
  • Civil Fines and Penalties
  • Privacy Breaches/Breach of Statutory Duties – Fines, Investigations & Breach Notifications
  • Data Restoration & Securing Costs

Cyber Team

travis kenzle

Managing Director
tyler speers

Account Manager

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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