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Bespoke Insurance Group

C-04Professional & management

Cyberinsurance.

Response and cover for data breaches, cyber attacks and system outages.

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C-04 · Elevation

01 · The exposure

The first hours of a cyber incident decide what it costs.

Cyber insurance is designed to give a business access to specialist incident response, from forensic IT and legal advice to notification and public relations support, and to cover losses such as business interruption, data restoration and liability to third parties after a cyber event. For most businesses, the response support is as valuable as the financial cover.

02Scope

What this covercan respond to.

A general guide. What a particular policy covers depends on its wording, limits, conditions and exclusions, and on what is declared to the insurer.

  1. 01Incident response costs: forensic investigation, legal advice and notification
  2. 02Business interruption following a network security failure
  3. 03Data and system restoration costs
  4. 04Liability to third parties for privacy breaches, and regulatory defence costs where insurable
  5. 05Cyber extortion, subject to policy terms and the law
Often discussed byAny business holding customer or employee dataProfessional services firmsOnline retailersBusinesses dependent on cloud systems

03What we look at

Where the detailmatters.

  • Controls matter

    Insurers now expect basics such as multi-factor authentication, regular backups and patching. Strong controls improve both insurability and price.

  • Social engineering

    Payment redirection fraud is not automatically covered by cyber policies. Check where it sits: cyber, crime or neither.

  • Privacy obligations

    Under the Notifiable Data Breaches scheme, many organisations must notify affected individuals and the OAIC of eligible data breaches. Response support helps you meet those obligations.

04 · Before we talk

Questions yourbroker will ask.

Having these answers to hand makes the first conversation faster and the submission to insurers stronger.

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  1. What kinds of personal or sensitive data do you hold, and how much?
  2. Is multi-factor authentication enabled on email and remote access?
  3. How are backups made, stored and tested?
  4. Which systems would stop the business if they went down?

05 · Questions

Frequently asked.

We are a small business. Are we really a target?

Many attacks are automated and opportunistic rather than targeted. Small businesses are frequently affected precisely because their defences are lighter.

Who do we call if something happens?

Most cyber policies include a dedicated incident response line. Call it, and call us, as early as possible. Acting quickly can reduce the impact.

Related cover

Commonly part of programs for professional services and small & medium business.

Talk cyberthrough with a broker.

A short conversation is usually the fastest way to know where you stand. No obligation, and no form required if you would rather call.

Speak to a brokerRequest a quote

Or call 1300 513 652, answered 24/7