Cyber Crime is increasing in both severity and frequency, and Cyber Insurance is an extremely important cover for all businesses to have. But what are the benefits of having Cyber Insurance?
Genene sat down with Sarah Skinner from SLS Insurance Solutions recently to discuss. Sarah explained that Cyber Insurance provides cover for financial loss and expenses a business may suffer, as a result of a Cyber Event, including Cyber attacks from malware or other invasive software, cyber extortion and social engineering.
What is covered by Cyber Insurance?
Insurance claims covered under a Cyber policy are generally broad, but typically will cover three core things:
- Liability (privacy lawsuits and regulatory defence;
- Internal Financial Loss (extortion, notification expenses, data recover, business interruption, crime/theft); and
- Emergency Incident Response (costs incurred from responding to a Cyber Event)
The main coverages in a Cyber policy will typically include:
- Privacy Breach Notifications & Crisis Management Costs;
- Privacy and Security Liability
- Cyber Extortion
- Business Interruption – Loss of Profits & Operational Expenses;
- Data Recovery & System Damage;
- Regulatory Defence and Fines;
- Media Liability
Additional coverages are also available under a Cyber Policy for an additional premium, and they are for:
- Social Engineering & Funds Transfer Fraud; and
- Contingent Business Interruption
Thanks for explaining Sarah, we appreciate your insight. For more information about cyber insurance and what covers are available, or to obtain a quotation, contact Sarah Skinner directly.
Sarah Skinner of SLS Insurance Solutions Pty Ltd
P: 0414 951 486 or 02 4774 1841
This represents general information only. Before making any financial or investment decisions, we recommend you consult a financial planner to take into account your personal investment objectives, financial situation and individual needs.