Cyber Insurance Australia
Cyber insurance can protect a business from the financial damages associated with a cyber attack.
What is cyber insurance?
Cyber insurance is a form of business insurance that can financially protect businesses in the event of a cyber attack. provides you with both a safety net to minimise your out-of-pocket expenses when dealing with a cyber attack and access to a team of experts so you can focus on running your business.
What does cyber insurance cover?
Cover will vary by provider but typically, you can be covered for:
- Data breaches including theft of client information
- Network breaches
- Business interruption costs
- Forensic investigation
- Data recovery coast
- Cyber extortion
- Crisis management costs
- Loss and legal costs, including fines and penalties
- First-party coverage for loss or damage that directly affects you or your business (e.g. loss of income from system downtime).
- Third-party coverage for claims made against your business by someone that has been negatively affected by a cyber issue (e.g. legal and compensation costs following a data breach).
Do I need cyber insurance for my small business?
Cyber insurance is not mandatory, however, it's wise to consider. In January - June 2024, The Office of the Australian Information Commissioner (OAIC) received 527 notifications of data breaches. 67% of those occurred as the result of a malicious or criminal cyber attack.
Cyber attacks pose a significant threat to businesses, both financially and reputationally. Cyber insurance can help business owners deal with breaches quickly and keep the business interruption to a minimum.
How are premiums for cyber insurance calculated?
The cyber landscape is frequently evolving which makes mitigating risk, and creating insurance premiums that cover that risk, increasingly difficult. Insurers typically need access to their client's data and IT processes to test their cyber defences and analyse the risk. From there, a price can be formed.
This makes premiums highly personalised and hard to foresee. However, you can get quotes from multiple insurers to know if the quotes seem consistent. From there, you can find a policy that best fits your business needs and budget.
How to buy cyber insurance
Cyber insurance can be purchased directly from an insurer or via a broker. Given the complex nature of the product and coverage needs, many businesses like to enlist the help of a broker.
Talk to a broker about cyber insurance
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