Cyber criminals will attack anyone and everyone with a digital presence. Data shows that Australians are reporting new cybercrimes every 10 minutes—a worrying statistic that will only increase as our technological reliance does. Now, a task as simple as checking your emails can put your Sydney-based company at serious risk of privacy breaches like fraud, a DDoS attack on your website, the theft and exploitation of your passwords and even the unauthorised access and manipulation of your clients’ data.
One of the biggest current digital threats to Sydney businesses are phishing scams. These scams steal users’ data by encouraging them to click on a link which leads to their digital network being encrypted. Traditional insurance policies such as Professional Indemnity Insurance and Public Liability Insurance specifically exclude claims that arise from a data breach including ransomware. Cyber Risk Insurance is the only policy that can protect your organisation from this type of financial fallout.
We are award-winning experts in Sydney Cyber Insurance
How can Cyber Insurance protect your Sydney business?
Cyber Insurance is a cost-effective way to protect your business should your cyber security systems fail you. For a nominal cost, Cyber Insurance can provide you with protection against financial losses should the situation turn for the worse.
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.
Whether it’s a task as simple as checking emails or as complex as building information systems for organisations, chances are, your company is not immune to the dangers of cyber attacks or serious privacy breaches.
Whether it be fraud, a DDoS attack on your website, the theft and exploitation of your password, the unauthorised access and manipulation of your clients’ data, or another threat altogether, Sydney businesses have the risk of being a victim of a cyber attack on a day-to-day basis.
The challenge is finding the most suitable Cyber Insurance policies for your business. As business insurance brokers, we’ll do the hard work for you. We’ll use our extensive insurer network and experience in the industry to help you find suitable policies while working with you to reduce premiums.
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:
Who needs Cyber Risk Insurance?
Whatever the size or location, every Sydney 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.
Do I already have Cyber Insurance?
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 Sydney: what is covered?
Whether you work from home or in the CBD, every Sydney business needs a form of cyber insurance protection. Financial consequences resulting from digital attacks encompass the loss of company profits, losses payable to others for breaching their right to privacy, fines and penalties payable for breaching privacy regulation laws, and losses arising from cyber theft.
The types of attack that can be covered include a cyber event such as:
Cyber Insurance Sydney: what's not covered?
Note that Cyber Insurance does not cover:
A comprehensive Cyber Insurance policy will also cover 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. Feel free to contact our cyber experts at Crucial and Risk Advisors for advice on the type of Cyber Insurance right for you.
A comprehensive Cyber Insurance policy will provide coverage against the following:
Mini Sydney snapshot
Home to the largest population of all cities in Australia, Sydney serves as the capital of New South Wales and boasts a vibrant job market fuelled by key industries such as finance, professional services, tourism and education. Accounting for 7% of Australia's GDP as of 2023, Sydney holds significance as the country's most economically significant state.
The metropolis contains many iconic landmarks including the Sydney Opera House, Sydney Harbour Bridge, Blue Mountains, and Bondi Beach. With a rich multicultural community, the city hosts many cultural events and festivals throughout the year which attract tourists from around the world.
Sydney is always expanding, and is currently undergoing multiple major infrastructure projects with the aim of improving transport and mobility for its residents. According to MySydney, these include the building of Sydney Metro—Australia's most anticipated public transport project—and the construction of the North and WestConnex motorways—Australia's largest road infrastructure project.
Why Sydney businesses trust Crucial for their Cyber Insurance
For a nominal cost, Cyber Insurance can insure you against possible financial losses should cyber breaches take a turn for the worse. However, it is also important to invest in proper cyber security to prevent these situations from escalating in the first place.
Our team at Crucial Insurance and Risk Advisors know how scary it is for your data to be compromised by relentless cyber criminal attacks. But our understanding of these digital dangers, paired with our vast experience and connections within the insurance space, means that you can trust us to find the best Cyber Insurance for your business.
As award-winning business insurance brokers and knowledgeable cyber specialists, our sole aim is to help you untangle complicated insurance jargon and find straightforward, effective solutions to your needs. Don’t hesitate to Contact Us today.
Get Cyber Insurance for your Sydney business. Speak to an experienced broker today!