Cyber and Information Technology Insurance

Sunshine Coast Insurance Brokers

Computer Hacker

The Risk Which Instantly Stops Your Business

At Comsure, more and more of our clients are experiencing attacks on their IT systems which immediately stops their business operations.  Nationally, this is estimated to be costing business $2 billion per annum and rising.  Extortion, Theft of Data, and malicious attacks, means that all companies, both big and small are at risk. 

One of the biggest concerns is the false sense of security most companies have of their IT security and we strongly recommend every business implement a risk review of their IT system and connectivity.  Insurance protection is available but ranks second to robust security and a comprehensive risk management plan.

The Biggest Threat

Most Cyber insurance purchased is Cyber Liability – that is, covering the exposure to damages from passing on a virus to third parties such as customers and suppliers. Often the biggest threat is loss of revenue particularly if manufacturing processes are impacted, technical or any other work is not able to be recorded or invoiced.

Managing your Risk

Unfortunately, many cyber risks fall outside traditional insurance policies. This has led to a rapid increase in the number of specially crafted cyber insurance policies on the market.  We recommend broadform cover to protect your business which includes the following.

Privacy & Data Breach Defence costs and damages for which the Insured or outsourced Service Provider is liable, arising from a loss of data.
Business Interruption & Restoration Costs Cover Loss of business income (and restoration costs) caused by a targeted attack against the company’s computer system.
Network Security Claims Cover Defence costs and damages for which the Insured is liable, arising from a targeted cyber attack
Media Liability Claims Cover Defence costs and damages for which the Insured is liable, arising from the publication or broadcasting of digital media content
Regulatory Costs Cover Defence costs for a claim by a regulator arising out of the loss of data
Regulatory Fines And Penalities Cover Monetary fines and penalties levied by regulators (to the extent that they are insurable) arising from a loss of data
Notification Costs In accordance with legal and regulatory requirements following a loss of data
Response Costs Fees & expenses for:-
  • Forensic investigation following a loss of data
  • Identifying and preserving lost data
  • Advice on legal and regulatory duties
  • Determining the extent of indemnification obligations in contracts with third party service providers
  • Credit monitoring services and other remedial actions required after a loss of data
Hack Theft Cover Indemnity for stolen finds due to malicious activities of a third party
Cyber Extortion Cover Indemnity for the resolution of a credible threat to compromise the Insured’s data or systems
E-Payments Defence costs, damages and contractual penalties in respect of a breach of Payment Card Industry Data security Standards
Crisis Communication Cover Public relations expenses of a panel of experts to mitigate any negative publicity from a covered event
Consultant Services Cover The expenses of an IT expert to determine the amount and extent of a loss covered under this policy

Additionally insurance companies provide access to a 24 hour/7 day hotline service to assist in the recovery of affected systems. 

Please get in contact to discuss this cover and quotations for your business before it’s too late.