Norwest NSW
Cyber Insurance
You don't need to be a big company to be a target. Small businesses are hit all the time, because they usually have less protection and plenty of valuable data.
Cyber insurance helps pay for the cost of a cyber incident: getting your systems back, dealing with the people whose data was affected, and covering the income you lose while you're offline.
What it can cover
- Ransomware and extortion demands
- Data restoration and IT forensics
- Notifying customers after a data breach
- Legal costs and regulatory response
- Lost income while systems are down
- Funds transfer and invoice fraud (depending on policy)
- Reputation and PR support
What it usually doesn't cover
Insurers now ask about multi-factor authentication, backups and staff training. Having these in place helps with both price and claims.
- Failing to have basic security in place, in some policies
- Betterment, meaning upgrading your systems beyond what you had
- Losses from outdated, unsupported software, depending on the insurer
- Insurers now ask about multi-factor authentication, backups and staff training. Having these in place helps with both price and claims.
Case study
An example
An accounts clerk at a small distribution company opens an email that looks like it came from a supplier. Within hours, files across the network are locked and a ransom note appears. The business can't process orders for nine days. A cyber policy can pay for specialists to contain the attack and restore the data, and may cover lost income while the business was down.
Illustrative example only. Cover depends on your policy wording.
Contact us
To get this right, we'll ask about:
We're based at Suite 2.02, 2-8 Brookhollow Ave, Norwest NSW. Call 02 8660 2305 or email admin@idealbrokers.com.au.
Ideal Insurance Brokers, Norwest NSW 2153. Ideal Brokers Pty Ltd (CAR No. 001262504 | ABN 65 623 205 952) is a Corporate Authorised Representative of Metrix Connect Pty Ltd ACN 635 286 136 as the trustee for the Metrix Connect Hybrid Trust ABN 55 742 327 931 | AFSL No. 525491. This page contains general information only and does not take into account your objectives, financial situation or needs. Read the Product Disclosure Statement before buying.
Cyber insurance FAQs
Usually not. Standard property and liability policies often exclude it.
Small businesses are a common target. If you hold customer details, take card payments or rely on computers to trade, you're exposed.
Yes. Expect questions about MFA, backups, patching and staff awareness. We'll help you answer them correctly.
Some policies do, with a limit. Tell us if it's a concern.
Disconnect affected devices, call your insurer's cyber hotline straight away and call us. Don't pay a ransom before speaking to them.