Safeguard Your Business in the Digital Realm with Comprehensive Cyber Insurance

Comprehensive Protection Against Digital Threats

Protect your enterprise with bespoke cyber insurance solutions. Our tailored team at New Wave Insurance specialises in providing tailored cyber insurance and full business insurance solutions. We partner with leading Australian and international insurers to offer you the best coverage.

Mitigate diverse cyber risks effectively.

Our policies cover a wide range of cyber threats, including data breaches, email fraud, cyber attacks, internal threats, and social engineering. Key coverage areas include:

Forensic Investigation

Business Interruption

Legal & Public Relations

Extortion & Blackmail Costs

Meet contractual obligations effortlessly.

Many Australian businesses are now required to secure cyber insurance for third-party cost protection. Our policies offer liability limits from $1 million to $20 million, customizable based on your business type, industry, and specific contractual needs.

Why Cyber Insurance is Essential for Your Business: Key Statistics

Cyber insurance: A shield in the age of digital vulnerabilities. Cyber insurance is crucial in protecting businesses against the fallout of cyber attacks, internal threats, and data breaches.

Australia's cyber crime landscape:

  • $276,323: Average cost of a cyber attack to a business

  • 1 in 2: Australian SMEs conducting online transactions

  • 23 days: Average time to resolve a cyber attack

  • #1 risk: Cyber threats are the fastest-growing risk to Australian businesses

These statistics underscore the critical need for robust cyber insurance in today’s digital-first business environment.

Secure Your Business Future with Cyber Liability Insurance

In an era where digital threats are ever-present, it's vital to protect your business with cyber liability insurance. Guard against data breaches, social engineering, hacking, employee errors, and more.

What is Cyber Protection Insurance?

Cyber protection insurance is a relatively new form of cover.

It’s designed to help protect your business from the financial impact of computer hacking or a data breach.

Who Should Consider Insurance?

If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, it’s likely that your business will suffer a cyber attack at some stage.

A cyber attack could cost your business more than money.

It could also threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.

Who Can It Cover?

Cyber insurance policies vary in the benefits they provide. Your insurance broker can help you find the most suitable product that meets the needs of your business. Here's the type of cover that your policy may include:

  • Business interruption losses

  • Cyber extortion

  • Electronic data replacement

  • Security & privacy liability

  • Defence costs

  • Regulatory breach liability

  • Electronic media liability

  • Crisis management expenses

  • Notification and monitoring expenses

What Usually Isn't Covered?

Exclusions and the excess you need to pay can vary greatly depending on your insurer. Policies generally won't include cover for:

  • Damage to computer hardware

  • Criminal actions committed by you or your business

  • A cyber attack based on facts of which you were aware

  • Criminals using the internet to steal money from you

Safeguarding Australian Businesses in the Face of Rising Cyber Threats

The landscape of cyber security in Australia has become increasingly complex and threatening, as highlighted in the latest report by the Australian Signals Directorate (ASD). In the fiscal year 2022-23, ASD responded to over 1,100 cyber security incidents, reflecting a significant risk to businesses nationwide.

With cybercrime tactics evolving, Australian businesses, particularly small and medium-sized enterprises (SMEs), are facing heightened risks. The report indicated that cybercriminals have adapted their methods, with ransomware and business email compromise being predominant threats. Shockingly, critical vulnerabilities in systems were exploited within just 48 hours in 20% of cases, despite available security patches.

The financial impact on Australian businesses is substantial. Small businesses faced an average loss of A$46,000 per cyber incident, while medium businesses incurred A$97,200, highlighting the severe consequences of cyber attacks.

Yet, despite these alarming statistics, many businesses remain underprepared for cyber threats. This gap in preparedness underscores the necessity for robust cyber security measures and the importance of cyber insurance as a safeguard.

Our cyber & privacy liability insurance policy is tailored to address the unique challenges faced by SMEs in Australia. It provides comprehensive coverage against the diverse range of cyber and privacy liability exposures, ensuring that your business remains resilient in the face of these growing digital threats.

Hear from Our Satisfied Clients

Frequently asked question

What is Cyber Liability Insurance?

Cyber insurance is an extended business liability coverage that protects against cyber security risks involving your technology systems and customer data.

As businesses move into the digital space, cybercrime is becoming more common, making it challenging for business owners to protect themselves from cyber-attacks. If hackers or cyber criminals infiltrate your business network, take over your website, hold data hostage, or steal sensitive client information, you can be held liable for the incident besides having to take care of the recovery costs.

Who needs Cyber Liability Insurance?

You need Cyber Liability Insurance if:

You use computer/cloud systems to store data.

You provide software or hardware services to clients.

You use point-of-sale systems.

You store customer/patient data, including medical or credit card data.

What does it cover?

Cyber Liability Insurance typically includes coverage for legal costs and damages related to the following coverage areas:

Incident Response Cost: Coverage for the cost of access to a 24/7 cyber incident response hotline and a dedicated team to assist you in coordinating an incident response following a cybercrime.

Legal, Forensic, and Breach Management Costs: Coverage for legal advice, notification fees, crisis management services, and credit monitoring.

System Damage and Restoration Costs: Repairs and restoration of the software systems damaged due to the cyber event.

System Business Interruption: Coverage for losses sustained due to a system outage resulting from a cyber attack.

Social Engineering (optional coverage): Coverage should an employee be tricked into providing access to a system or sending funds to a fraudulent bank account

Cybercrime Insurance can be purchased in addition to Cyber Liability Insurance to provide coverage for loss of funds due to cybercrime, including phishing, hacking, or social engineering fraud. This policy includes coverage for notification costs, data restoration, and legal expenses.

What is the cost of Cyber Liability Insurance?

A low limit of Cyber Liability Insurance (~ $50K) is typically included in Professional Liability Insurance policies for an additional $100 – $200/year. Business owners who store sensitive data or require a higher limit may opt for a standalone policy, which costs approximately $750 – $1K/year.

The following factors are typically taken into consideration when determining the cost of your premium:

Industry and Services Offered

Amount of Client Information Stored

Security Systems In Place

Employee Training on Cybersecurity

In the online quote application, we ask your business some questions to understand your coverage needs better.

What is the difference between Cyber Insurance and Data Breach Insurance?

The main differences between cyber insurance and data breach insurance are what and who is covered. Cyber insurance provides coverage for most cyber incidents to your business (first-party) and others (third-party).

In contrast, data breach insurance only covers costs associated with damage to data you possess or are responsible for (first-party), including notification costs.

What is not covered?

Cyber Liability Insurance does not typically provide coverage for damage or loss due to:

An employee hacking or damaging your systems or data.

A power surge or failure resulting in damage to your systems or data (this is covered by Equipment Breakdown insurance).

Patent/IP infringement (you can purchase this coverage separately).

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