Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. With the policies available through BizCover you can choose coverage amounts between $50,000 to $2 million. A policy payment totalling $250,000 was made to cover the costs involved with notifying the affected individuals and the Privacy Commisioner of the data breach. Gary Hunter is a writer at Finder, specialising in insurance. Study Australia In the spirit of reconciliation we acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service. The Australian government released a report in 2015 that stated that the average cost for a cyber attack was $276,323. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. Cyber insurance provides businesses with peace of mind, protecting them from the potentially financially devastating repercussions associated with cyber-attacks like computer hacking, ransomware, data theft and data destruction. Cyber insurance is a potentially huge, but still largely untapped opportunity for insurers and reinsurers. However, we aim to provide information to enable consumers to understand these issues. Like most insurance, premiums vary by insurer, the type of cover selected and your risk profile. Products liability insurance in Australia Our friendly team of commercial insurance brokers may be able to help you find affordable products liability insurance quotes on cover that is suitable for your business activities. Over one fifth of companies that the government surveyed stated that they had been targeted last year. Increased reliance on computer systems and access to information can significantly increase a company’s vulnerability to cyber security threats. When you purchase cyber insurance, you'll find that most policies provide first-party and third-party coverage. You are about to post a question on finder.com.au: Subscribe to the Finder newsletter for the latest money tips and tricks, Level 10, 99 York St, The advice on this website is general advice only and does not take into account your individual objectives, financial situation or needs (“your personal circumstances” ). A policy with $100,000 cover could cost as little as $350 per annum. These are not just dodgy movie characters but real life people, doing real damage to businesses across the globe, including Australia. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan. If your small business relies on digital technology to make sales, communicate or store information, then you are exposed to what's known as 'cyber liability' or 'cyber risk'. Welcome to the International Institute for Complementary Therapists Member Insurance Program! Cyber insurance is designed to help an organisation or individual mitigate the risk of a cyber-related security breach by offsetting the costs involved with recovery. Sit back for a minute and think about this….it might be the first time you have considered the impact on your business if your website was taken offline? Explore our Video Library Cyber Insurance Introduction. getting your online store hacked. You should consider what your business requires, The amount and nature of customer data you store and the security arrangements in place to protect that data. We act as agent of the insurer in respect of any insurance policy purchased through us and not as your agent. *Figure provided by Edmund Cyber Insurance. ‘Unisys Security Index – Australia, 2019’ revealed that 15% of Australians would stop dealing with an organisation if their data was breached. We estimate that annual gross written premiums are set to grow from around $2.5 billion today to reach $7.5 billion by the end of the decade. Cyber Insurance Comparison – Compare leading Australian Insurers like AIG, Allianz, Brooklyn Underwriting, CGU, Chubb, Dual, Emergence and Zurich. When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. 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