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Cyber Insurance

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What is Cyber insurance?

Cyber Insurance protects businesses from financial losses due to cyber attacks, data breaches, and other digital threats. It helps cover costs like legal fees, data recovery, and damage to your reputation.

It is a unique product in that it provides legal support, IT support services and compensation, all of which are essential and need to function seamlessly in a cyber breach situation.

What does Cyber Insurance cover?

Covered

Business Interruption loss due to a network security failure or attack, human errors, or programming errors

Data loss and restoration including decontamination and recovery

Incident response and investigation costs supported by a 24/7 multilingual incident reporting hotline and on-demand vendors

Delay, disruption, and acceleration costs from a business interruption event‍

Crisis communications and reputational mitigation expenses

Liability arising from failure to maintain confidentiality of data

Liability arising from unauthorised use of your network

Network or data extortion / blackmail (where insurable)

Online media liability

Regulatory investigations expenses

Social Engineering (where insurable)

Not Covered

Future Profit Loss

Excludes coverage for future profit loss, including losing customers and an overall decrease for your business.

Cyber Security

While Cyber Insurance will provide you with resources to track credit card services following a breach of data, it will not enhance your security systems.

Nation-Wide Attacks

Does not cover you in the case of a cyber attack or warfare conducted by officials or government due to significant risk involved and the challenge of safeguarding a large number of individuals.

What is Cyber insurance?

Cyber insurance is crucial for nearly all businesses operating in the digital space. However, the specific type of coverage is dependent on the size of the company and the nature of the customer data it handles. Industries particularly vulnerable to cyber attacks include healthcare facilities, financial institutions, legal and accounting firms and retail enterprises.

(03) 9967 1400
enquiries@plibrokers.com.au

Cyber Insurance

Get a Quote

Why PLI?

We have you covered.

01

Tailored Insurance Solutions

Our team at PLI Brokers crafts bespoke insurance solutions tailored to your specific needs.

02

Expert Risk Analysis and Management

PLI Brokers provides expert risk analysis and management services to safeguard your business against potential threats.

03

Unparalleled Customer Service

Our dedicated team is committed to providing prompt, professional, and personalised assistance at every step of your insurance journey.

Frequently Asked Questions

What is cyber insurance?

Cyber insurance protects your business from financial losses caused by cyber attacks, data breaches, and other digital threats.

Who needs Cyber insurance

Any business that handles sensitive data, relies on digital systems.

What does cyber insurance cover?

It typically covers costs related to data breaches, cyber extortion, legal fees, data recovery, and notification expenses.

Does Cyber insurance cover ransomware attacks?

Yes, most policies cover ransomware attacks, including the costs of responding to the attack and restoring data.

How much Cyber insurance do I need

The amount depends on your business size, industry, and the amount of sensitive data you handle.

Is Cyber insurance only for large companies?

No, businesses of all sizes can benefit from Cyber insurance, especially small businesses that may lack the resources to recover from a cyber attack.

How do I make a claim on Cyber insurance?

Contact your broker immediately after a cyber incident, and they will guide you through the claim process.

Does Cyber insurance cover regulatory fines?

Some policies may cover certain regulatory fines and penalties, depending on the policy terms.

Explore our products

Schedule a meeting with a PLI Broker today.

We believe in working closely with you to understand your unique needs and preferences, ensuring that the insurance coverage we offer is affordable and precisely tailored to meet your requirements.

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