No business is safe
from cyber attacks

Remove the uncertainty

Cyber crime is one of the leading risks facing businesses globally. It can take just one successful cyber-attack to cause significant financial and reputational damage to your business.

Remove the uncertainty

What is Cyber Liability insurance?

Cyber liability insurance is designed to help protect your business from the financial impact of computer hacking or a data breach.

Cyber liability insurance gives you access to a panel of experts, from legal and PR advice to IT specialists to help you control, contain and coordinate your response to a cyber incident and can cover you for a range of threats and outcomes.

Who should consider it?

As technology advances and more businesses have an online presence, Cyber Liability is a threat to all businesses. Inappropriate or illegal release of personal information such as customer or employee records, patient information and credit card details into a public domain can cause real damage to your business.

If a breach of sensitive information happens to your business, it will not only affect you financially but can threaten your intellectual property, client trust and reputation.

Having the right cyber security and risk management practices is the best way to avoid a cyber attack or data breach but, if something does go wrong, cyber insurance can help you pick up the pieces.

Not all policies are the same. Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer. That’s why our our specialist broking team members get to know your business enabling them to provide considered advice delivering you the best policy for your specific needs.

Touch base with us to learn how we can help you.

HDL, the right partner for you.

Did you know?

9.9%

There were 177,519 scams reported in 2018 with 9.9% having a financial loss of $107,032,111.

(Scamwatch statistics, Australian Competition & Consumer Commission, 2018)

58%

58% of victims of data breaches are categorised as small businesses.

(Summary Findings, Verizon 2018 Data Breach Investigations Report, 2018)

22%

Among businesses that have experienced a successful infiltration of their corporate network by ransomware, 22% reported that they had to cease business operations immediately and 18 percent lost revenue.

(Second Annual State Of Ransomware Report: Survey Results for Australia, Osterman Research, 2017)

What can it cover?

Cyber insurance policies vary in the benefits they provide. HDL can help you find the most suitable product that meets the needs of your business. Here’s the type of cover that your policy may include:

Type of cover	Potential benefits
First party losses
Business interruption losses	Covers financial loss you may suffer as a result of a cyber attack
Cyber extortion	The costs of a cyber attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats.
Electronic data replacement	The costs of recovering or replacing your records and other business data.
Third party losses
Security and privacy liability	Damages to your reputation resulting from data breaches, such as loss of third party data held on your system.
Defence costs	Funds the legal costs of defending claims.
Regulatory breach liability	Covers legal expenses and the costs of fines arising from investigation by a government regulator.
Electronic media liability	The costs of copyright infringement, defamation claims and misuse of certain types of intellectual property online.
Extra expenses
Crisis management expenses	Provides cover for the costs of managing a crisis caused by cyber hackers.
Notification and monitoring expenses	The costs of notifying customers of a security breach, and monitoring their credit card details to prevent further attacks.

Case study

Your employee opens an email attachment infected with a ransomware virus. Access to your systems and data are blocked and the virus software informs you that it will remain unavailable unless you pay the ransom amount. Rather than paying the hacker and opening your business up to further extortion attempts, you hire external IT consultants to recover your back-up data and files and upgrade your antivirus software.

Over the week it takes to apply these fixes, you have to close your business, causing you to lose revenue. It also affects your reputation with your clients; one of your clients threatens to sue you for the delay which cost them a large amount of money.

A Cyber Liability Insurance policy allows you to recover some of the costs you incur during this incident. Depending on your policy, you may be able to make a claim for losses caused by the interruption to your business, the costs of recovering your data and upgrading your software, and ongoing crisis management expenses.

Complimentary Review

Securing optimal insurance protection is becoming more challenging.

Having a fresh set of eyes can make a dramatic difference. HDL welcomes the opportunity to evaluate and challenge your current risk and insurance program in a confidential manner that avoids disrupting existing relationships.