Cyber Liability Insurance

Cyber Liability Insurance for Small Business in Newcastle and the Hunter

A small business does not need an IT department to be a target. The everyday versions do the damage: an invoice paid to a changed bank account, a password reused across two logins, a laptop left in a car. The bill that follows is rarely the ransom. It is the days you cannot invoice, the rebuild, and the notifications you owe customers under the Notifiable Data Breaches scheme if their information is exposed.

Newcastle Insurance Group is a family owned broker in Edgeworth, covering the Newcastle and Lake Macquarie suburbs. We have access to over 150 national and international insurers, so cyber cover can sit alongside the business insurance pack and public liability insurance you already hold. Call 1300 62 80 80.

What To Do If Cyber Attacked

How you deal with a cyber-attack will depend on our business and your role.

An organisation with an IT department
You should have a Cyber Risk Management plan in place and employees should be aware of what steps to take if they notice any suspicious online activity.

A small business with an external IT resource
You should ask them whether they have a cyber risk management plan in place and you, and your employees should know what to do.

If the responsibility for a cyber-attack lies with you,
then there are a number of information resources available to you. Below we have listed some useful contacts you may wish to investigate.

How to report online abuse

The Office of eSafety Commissioner provides a platform to including cyberbullying, image-based abuse, and offensive and illegal content.

You can report online abuse here

What Does Cyber Liability Insurance Cover?

A cyber policy is written in three parts: your own losses, what you owe others, and the cost of responding to the event. Limits run from $250,000 to $20M with an excess from $250, and the claims teams are Australia based, answering 24/7/365.

Coverage under the policy can be triggered by the following events:

• Crimeware
• Cyber Espionage
• Cyber Extortion
• Denial of Service
• Hacking
• Insider and Privilege Misuse
• Miscellaneous Errors
• Privacy Error
• Payment Card Skimming
• Physical Theft and Loss
• Point of Sale (POS) Intrusion
• Web App Attacks
• 3rd Party Liability Claim
• Credible Threat to your Infrastructure

Coverage Section A:

Losses to your Business Coverage provides these protections

• Business Interruption – Impact on Business costs
• Indemnity Period – 30 to 65 days
• Waiting Period – 12 hours
• Preventive Shutdown
• Preventive Shutdown Allowance

Why Use an Insurance Broker for Cyber Liability Cover?

Cyber insurance in Australia is not a standardised product: on the policies we place the indemnity period runs from 30 to 65 days and the waiting period before business interruption starts is 12 hours, so two quotes at the same price can behave very differently after an attack.

The gaps matter as much as the limits. One claim we handled involved a business that paid a fraudulent supplier invoice: the remediation cost was covered, the transferred money was not, because the optional social engineering cover had not been taken. Sub-limits decide what a policy is worth in that situation. Cyber crime cover, the part that responds when money is taken rather than data, is capped separately from the headline limit, and we look for a sub-limit of at least $125,000. Reading those differences is the job. We compare cyber risk insurance across the market and stay on the file when you make a claim. Newcastle Insurance Group is an Authorised Representative of Ausure Pty Ltd, AFSL 238433, and a member of NIBA, so we work to the Insurance Brokers Code of Practice. Call 1300 62 80 80 or send us your details.