What is cyber insurance?

Cyber criminals are becoming more sophisticated and they continue to find new ways to access business data, records, servers and networks. Having the right cyber security and risk management practices is the best way to avoid a cyber attack or data breach but, if something does go wrong, cyber insurance can help you pick up the pieces.

Think of cyber insurance like any other insurance cover you have. If there is a fire at your property, your insurance cover will help you rebuild, and cyber insurance is designed to help you get back on your feet in the aftermath of a cyber incident. Cyber insurance gives you access to a panel of experts, from legal and PR advice to IT specialists to help you control, contain and coordinate your response to a cyber incident and can cover you for a range of threats and outcomes.

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What does cyber insurance cover?

  • Impacts from a variety of cyber attacks
  • Forced closure/ downtime for your business
  • Government fines and penalties
  • Incident response and investigation costs
  • Loss, recovery and decontamination of data

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