What is data breach insurance?*
Data breach insurance typically covers any potential costs of a data security breach that could hit your business.
In Australia, data breach coverage for businesses if sensitive data is compromised, is typically a feature of a suitable cyber insurance policy. You take out a cyber insurance policy and as part of this, you get coverage if sensitive data is compromised.
If you want to understand what data breach insurance is you may have come to the SMART place.
And if you are looking for a data breach insurance policy to protect your business our friendly team of insurance brokers may be able to help you find a suitable policy that may cover your business activities at an affordable cost.
What does a data breach insurance policy cover?*
Data breach insurance, as a component of a cyber policy, may be able to cover you from damages and costs incurred by your company as a result of hacking, phishing, ransomware, and social engineering (typically as option).
There are a number of different cyber/data breach insurance policies available for Australian small businesses; with different policy inclusions, exclusions and optional covers. Below are some of the data breach events and covers small business owners should consider when reviewing a data breach insurance policy.
What is a data breach event?*
Network data breaches that may interrupt your network or demand ransomware from your business are typical data breach events. Today you may want to consider a broader cyber policy that, in addition to cover for data breach events such as network interruption and ransomware, also includes cover for cyber events such as cyber theft, social engineering, telephone phreaking and cryptojacking*.
- crime ware which is any malware of any type
- cyber espionage
- cyber extortion
- denial of service (including a distributed denial of service).
- insider and privilege misuse
- miscellaneous errors.
- payment card skimming
- physical theft and loss.
- point of sale intrusion
- web app attacks.
- Cyber theft, social engineering, telephone phreaking and cryptojacking*
What data breach costs may be covered?*
Network data breaches costs that may be covered include cyber extortion costs, data restoration costs and notification costs. Today you may want to consider a broader cyber policy that in addition to cover for data breach events such as network interruption and ransomware, also includes cover for contingent business interruption* and tangible property*
- credit and identity monitoring costs (for a period of up to 12 months).
- cyber extortion costs
- data restoration costs
- data securing costs
- external management costs (including crisis management and mitigation measures)
- notification costs
- public relations costs.
- pursuit costs
- fines payable
- defence costs
- virus extraction costs
- contingent business interruption *
- tangible property *
*There is a lot to consider when looking for suitable data breach insurance protection. If you have any questions regarding data breach insurance protection for your small business, including what policy wording and options are available for your industry, one of our friendly insurance brokers will be happy to assist you on 1300 542 573 or email@example.com.
1300 542 573
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Monday – Friday 8.45 am - 6.00 pm AEST
What is the cost of data breach insurance?
So, how much will data breach insurance protection cost your small business?
As insurance policies are priced according to risk each different trade is “rated” as a unique occupation by the insurers and will attract its own cost.
For many self-employed consultants or small business with one or two staff cyber insurance policy, including cover for data breaches, start from appox $680.
Data breach insurance cost for small business: from $680 for $1 million cover
Please note : pricing may vary significantly from the above based on options taken, your size, clients, experience, business activities, claims and network security protocols.
Call us on 1300 542 573 or email firstname.lastname@example.org and our friendly insurance brokers may be able to obtain a quote for a suitable data breach insurance protection that covers your business activities on your behalf.
Does professional indemnity insurance cover data breach?*
No, typically most professional indemnity insurance policies do NOT cover data breach. There may however be some exceptions, and some professional indemnity policies in specific industries such as Information Technology, may respond to data breach. We typically would NOT recommend that clients rely on professional indemnity polices to respond to data breaches and would almost always recommend a stand a alone cyber policy.*Important: Cover may be available subject to meeting insurers underwriting criteria. Some of the covers listed may or may not be available or may have limitations or exclusions. Cover inclusions vary significantly from insurer to insurer. DO NOT rely upon the above. Check your policy schedule carefully for inclusions and exclusions and limitations .Talk to a SMART business insurance broker on 1300 542 573 for more information.