Cyber insurance is essential because cyberattacks are becoming increasingly sophisticated, targeting businesses of all sizes. Small businesses are often vulnerable to attacks that can result in data breaches, system damage, business interruptions, and financial losses.

Cyber insurance helps protect against these risks by covering expenses such as data recovery, ransomware extortion payments, business interruption losses, and legal costs related to privacy breaches.

The CyberGO policy includes coverage for system damage, business interruption, cyber extortion, privacy breach notification & loss mitigation, rewards expense, and privacy breach, among other coverages such as computer virus transmission & hacking, and multimedia liability.

CyberSecure includes everything in the CyberGO policy, plus additional cover for protecting your brand and personal reputation. It also provides protection against fraud involving deceptive techniques like phishing emails (social engineering) and other types of cybercrime.

CyberSecure offers higher coverage limits and enhanced protection. It covers areas such as brand and personal reputation, fraud arising from social engineering (where individuals are manipulated into sharing confidential information), and cybercrime, which are not included in CyberGO.

If something happens to your computer systems, like a hacker breaks in or a virus messes things up, this insurance helps pay for the costs to fix it. For example, if your business can’t run because of the problem, the insurance can help cover the money you’re losing.

It also helps if someone tries to steal money from you or if a hacker demands money to give your data back. This way, you have support to get your business back on track without having to pay for everything yourself.

Not everything is covered by the insurance. For example, it won’t pay for problems that happened before you got the insurance. It also won’t cover you if you break the law or if your systems fail because of things like electrical or mechanical problems.

If you make agreements or promises that you can’t keep, the insurance won’t cover you for that either. There are some things like damages from war or natural disasters that aren’t covered too.

Brand protection cover pays for public relations costs incurred to mitigate or avert damage to a company’s reputation or commercial brand. It is not available under the CyberGO policy but is included in the CyberSecure policy.

Personal reputation cover applies to senior staff (such as directors, officers, etc.) and covers public relations costs to mitigate damage to their personal reputation following a cyber event. It is only available under the CyberSecure policy.

Social Engineering refers to techniques used by cybercriminals to manipulate individuals into revealing confidential information or performing actions like transferring money to fraudulent accounts.

In the context of the CyberSecure policy, social engineering coverage includes protection against losses from phishing, fake emails, and other forms of cyber fraud.

For example, if an employee is tricked into revealing login credentials that allow an attacker to generate a fake invoice, the policy may cover this loss.

Cyber Crime under the CyberSecure policy covers losses due to the fraudulent manipulation or theft of funds, electronic data, or property caused by cybercriminals.

This can include situations where attackers modify bank details in invoices, leading to financial loss. This cover may also provide protection in relation to the fraudulent transfer of funds or property resulting from data manipulation in your or a service provider’s computer systems.

Yes, both CyberGO and CyberSecure policies cover privacy breach fines and investigation costs, subject to legal limitations.

First-party cover protects your business against direct losses resulting from a cyber event, such as system damage costs, business interruption (loss of revenue), or cyber extortion (i.e., ransom payments). It covers expenses incurred by you to recover from the event.

Third-party cover protects you if a third party, such as a customer or partner, files a claim against your business due to a cyber event that affected them (e.g., privacy breach, transmission of a virus). This could include legal costs, settlements, or judgments.

For most coverages, the policy excess is $1,000 for both CyberGO and CyberSecure.

No. The excess cannot be changed.

As this is a pre-priced scheme product, the limits of cover cannot be changed. However, higher limits of cover can be arranged under a bespoke Cyber Insurance policy. Please contact us if you would like us to arrange a tailored policy based on your individual circumstances.