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Overview

 

What is Cyber Risk Insurance?

Cyber liability insurance is intended to safeguard you or your company from the risks of using the internet. Cyber threats are always present, irrespective of your business’s digital presence. Examples of cyber threats include hacking, data breaches, ransomware and even notification expenses. These risks pose a real threat to business interruption however, most business insurance policies won’t respond to this type of event.

 

Why should you protect your business from Cyber Liabilities in Queensland

Consider how costly a business interruption may be, then double that by the magnitude of trying to recover your company’s reputation, recuperate lost income, replace damaged equipment, or even finance public relations or legal expenditures.

Many organisations consider cyber insurance to be an “extra cost” or an “unlikely occurrence,” but the truth is that a cyber attack may happen to anyone. Human error was responsible for 38% of all data breaches according to the latest Australian Information Commissioner report.

In February 2018, the Mandatory Breach Notification Legislation was enacted. This enforced businesses who bear certain exposures to holding a higher level of responsibility to the privacy of their client’s data. For businesses that fit the criteria of this legislation, there is now an increased risk for notification expenses and penalties imposed.

Download our fact sheet about cyber security insurance.

Insurance brokers you can rely on

Why Choose Hunter Broking Group?

With considerable experience in corporate risk reviews and strategic claims management, we consider ourselves technical product advisors for businesses of all sizes across Brisbane. We seek to develop our company on sound values and ethics while maintaining a high level of service, expertise, and consistency.

  • Strategy: We strive to achieve customer-focused outcomes by leveraging the strength of our relationships and partner networks.
  • Vision: We work consistently to combine passion with technical ability.
  • Research: We perform ongoing market research for comparative product analysis.
  • Compliance: We place a strong focus on due diligence and insurance requirements for your peace of mind.
  • Core: Honesty. Respect. Growth. These are the core values that define our culture and guide us in the way we do business.
  • Differences: We listen and care with intent. Our clients and their insurance requirements are important to us.

Tailored Insurance Products

Key Cyber Liability Insurance Information

 

Who can benefit from Cyber Liability Insurance?

Anyone who owns a computer network should consider cyber liability insurance. The reality is, different businesses and individuals will hold different exposures, so who should consider cyber insurance as a priority?

Cyber insurance is commonly considered by businesses that:

  • Rely on their computer network to produce work
  • Earn an income from their computer network / website
  • Store personally identifiable information
  • Businesses that turnover more than $3,000,000
  • Businesses with employees (particularly 5+)

Outside of these parameters, businesses should consider cyber insurance for peace of mind, knowing they have the support of an insurance company and specialist forensics. An attack’s inconvenience is frequently higher than the cost of a cyber insurance policy.

 

What Cyber threats pose a risk to my business?

It is important to know that not all cyber-attacks are committed by criminals. An alarmingly high percentage of cyber data breaches are due to human errors.

Some of the most frequent cyber security threats are listed below.

  • Phishing emails
  • Data breaches
  • Social engineering
  • Misuse of intellectual property
  • Password theft
  • Malware

We have your best interests in mind

Get the cover that's right for you

At Hunter Broking Group, our qualified advisors act for the client and not the advisor. We have comprehensive cyber liability insurance products provided by our reputable providers to ensure that you are getting the type of insurance you need. Our wide access to insurance products allows us to tailor your insurance to meet your business’s specifications.

We’ll assess your specific needs and then recommend the best value insurance solution for your business. We also offer insurance solutions for businesses throughout many industries. Get a cyber insurance quote today to find out how you can safeguard your business from online risks.