Cyber Insurance Sunshine Coast

Is your Sunshine Coast business protected with Cyber Insurance? In today’s digital-reliant environment, protection from the financial consequences of digital damage is a must.

Our team of highly experienced Sunshine Coast business insurance brokers will help you find the right cyber insurance coverage ideal for your particular situation. Contact us for a quote.

Why is Cyber Insurance important for your Sunshine Coast business?

Whether you build information systems for organisations, process payroll online or manage something as simple as a social media page, chances are, you are not immune from the dangers of cyber attacks or serious privacy breaches.

Whether it be a DDoS attack on your website, the theft and exploitation of your password, fraud, the unauthorised access and manipulation of your clients’ data, or another threat altogether, Sunshine Coast businesses have the risk of being a victim of a cyber attack on a day-to-day basis.

Cyber attacks do not discriminate against the size of the business they are attacking - everyone with a digital presence can be at risk. Data shows that Australians are reporting cyber crime every 10 minutes.

Without Cyber Insurance, you expose yourself to significant financial losses should your digital situation turn for the worse.

What is Cyber Insurance?

A Cyber Insurance policy is designed to protect your business from a breach of your digital network and the resultant financial loss that could include:

Losses payable to others for breaching their right to privacy

Financial losses arising from cyber theft

Loss of your company profits

Fines and penalties payable for breaching privacy regulation laws

Who needs Cyber Risk Insurance?

Whether you’re in Caloundra or Rainbow Beach or anywhere in between - whatever the size or location, every business needs a form of cyber insurance protection. Whether you manage a professional services business, an industrial business or a business that’s based purely online, all organisations will have a digital network of some description.

For example, a digital exposure can be as simple as employee records being held on your work computer, or having an online contact form. In the event any personal records are exposed, you are obliged to notify the affected individuals.

One of the biggest digital threats to Australian businesses today are phishing scams that encourage users to click on a link which leads to your digital network being encrypted. The cyber criminal will then demand a ransom for the key to unencrypt your data.

Traditional insurance policies such as Professional Indemnity Insurance and Public Liability Insurance specifically exclude claims that arise from a data breach including ransomware. A comprehensive Cyber Risk Insurance policy protects your business from the financial fallout of a cyber attack on your business.

Cyber Insurance Sunshine Coast: what is covered?

Cyber Insurance covers your business against the financial losses which can hit your business following a cyber attack.

The types of attack that can be covered include a cyber event such as:

Hacking attack

Industrial espionage

Identity or data theft

Cyber Theft from fraudulent representation

Losses payable to others including third parties such as customers, clients, suppliers and any other party who has had their right to privacy breached.

Ransomware

Malicious code or malware

Ransomware

Denial of service attack on your operating system

A comprehensive cyber insurance policy will provide coverage against the following:

Loss of your profits / revenue as a result of having your digital network compromised

Additional expenses required to manage a cyber event response, such as notification costs, legal costs, crisis management costs and forensic IT costs to establish the cause of the breach and a remediation plan.

Cyber Insurance Sunshine Coast: what's not covered?

Note that Cyber Insurance does not cover:

Your business becoming insolvent

Incidents or claims known prior to the policy commencing

Claims made against directors and officers (see Management Liability Insurance)

Accidental personal injury or property damage (see Public Liability Insurance)

Professional liability claims for negligence in your professional duty of care (see Professional Indemnity)

Damage from intentional acts

To get a quote that provides you with the right cover it's important you speak with a cyber expert who can advise you on the type of Cyber Insurance that is right for you.

Why choose us for Cyber Insurance?

The challenge with approaching an insurance provider directly, or by finding a Cyber Insurance policy through an insurance comparison website is that you may ultimately invest in a policy that may not be relevant to your particular needs.

As a Sunshine Coast business insurance brokerage that prioritises ethics over profits, we will work with you to filter through the numerous types of policies in the market to find options that could be most suitable to your situation and budget. We will help you understand insurance jargon and most importantly, help you find solutions that could safeguard your particular type of business against catastrophic cyber losses.

With an office in Sunshine Coast, we have a strong understanding of the local market, yet also come with national and international business insurance experience. So if you’re looking for Sunshine Coast Cyber Insurance, contact us today.

Cyber Insurance Sunshine Coast: get a quote today!

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