Cyber Liability Insurance (also known as Security & Privacy) is a fast growing area of insurance within the Australian market. With data being one of the key assets of a business, more and more businesses are being exposed to malicious attacks either internally or externally. Such attacks, and the resulting losses of data can be crippling to a business.
Cyber Liability Insurance provides first and third party coverage for many costs associated with a breach. These include crisis management expenses, i.e. forensic IT services, legal and public relations advice, along with the cost of restoring and replacing lost data and the loss of business income resulting from an incident. Cyber Liability Insurance also provides cover (including defence costs) for claims from an Insured’s customer base and investigations (including fines and penalties) bought by regulators.