Cyber Insurance

Keep your data safe with Cyber Insurance, and protect your business from data breaches, ransomware, and more.

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What is it?

Cyber Insurance ensures that your business has proper defences against cyberattacks. It’s an all-important security measure because even a single cyber incident could lead to thousands, or even millions, of financial losses due to legal fees, lost income, and damaged reputation.

The Cyber Insurance policies that we can source as insurance brokers, ensure that you’re guaranteed coverage for liabilities, recovery costs, and other expenses – whether you’re a seasoned retailer or a tech startup. Be ahead of cyber threats and keep your business on track.

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Here are some examples of where Cyber Insurance responds to an incident.

All these scenarios are covered by Cyber Insurance, so you can stay resilient amid legal fees, fines, ransoms, and lost income.

Data Breach

A small online shop has been hacked which led to the leakage of over a thousand customer names, addresses, and credit card details. The business faces fines and legal actions from affected customers.

Ransomware Attack

An accounting firm is targeted by ransomware, shutting down its billing system and locking access to clients’ files. The group of hackers demand $30,000 in cryptocurrency.

Phishing Attack

One of the employees in a cafe clicks on a phishing email, enabling hackers to access the cafe’s bank account. Hackers steal $10,000, so the cafe has to halt operations.

Third Party Vendor Breach

A marketing agency uses third-party cloud services that have been breached, exposing sensitive info of the agency’s clients. The clients sue the agency.

Distributed Denial-of-Service (DDoS) Attack

A high-tech venture launching a new product has been hit by a DDoS attack which caused its website to crash. The startup incurred financial losses due to lost sales and repair costs.

Why Does It Matter?

Cyber Insurance is your safety net, covering financial pitfalls caused by cyberattacks. Additionally, it is a source of expert guidance and support, empowering you to successfully navigate a digital crisis. A personalised Cyber Insurance policy from a trusted insurance broker ensures that you get extensive coverage and solid protection.

What’s included in Cyber Insurance?

Data Breach Coverage

One of the core components of Cyber Security Insurance is the data breach coverage. It is designed to cover businesses from financial and operational fallout when data breaches happen.

It consists:

Legal and Defence Fees
Regulatory Penalties and Fines
Customer Notification Costs
Credit Monitoring Services
Data Recovery and System Restoration

Ransomware Protection

The surge in ransomware attacks across Australia means that businesses must get ransomware protection. It does not only serve as a safety net for businesses, but it also helps them to respond to and recover from such attacks.

It typically includes:

Ransom Payments
Business Interruption Losses
Forensic Investigation Expenses
Legal and Regulatory Support
Public Relations Costs

Business Interruption Support

This helps businesses, especially SMEs, online retailers, and service providers, to stay on track when cyber incidents halt usual operations.

It covers:

Lost Revenue
Additional Maintenance Costs
Fixed Costs
Restoration Period Costs
Dependent Business Losses

Expert Incident Response

Considered as a crucial feature of Cyber Security Insurance, it immediately links businesses to cyber security professionals who can manage the aftermath of a cyberattack and mitigate emerging risks to minimise any damage.

Its components are:

Immediate Incident Assessment
Threat Containment and Eradication
Ransom Negotiation (when applicable)
Regulatory Compliance Guidance
Post-Incident Recommendations

Compliance with Regulations

Cyber Security Insurance supports businesses in complying with laws and mandated regulations during and after a cyberattack.

It entails:

Covers Fines Imposed by Regulators
Legal Fees
Breach Notification Support
Regulatory Guidance
Audit and Remediation Expenses

What Businesses Can’t Skip on Cyber Security Insurance?

Cyber Security Insurance isn’t just for tech giants, it’s for everyone. As cyber crimes continue to rise in Australia, Cyber Security Insurance has become a growing necessity. The protection it offers covers businesses across all industries, from a small shop in Sydney’s CBD to a firm operating all over the country. Regardless of the industry your business belongs to or its size, Cyber Security Insurance is a must-have for you.

Businesses Dealing with Sensitive or Personal Data

These types of businesses usually include clinics, hospitals, banks, accounting firms, legal firms, recruitment agencies, and e-commerce platforms.

Businesses such as these keep all kinds of sensitive or personal information of clients or customers, including medical records, payment details, or contracts. This makes them a prime target of hackers.

SMEs

Small retailers, cafe owners, tradies, and solo entrepreneurs, particularly those that digitised their operations by using websites, point of sale (POS) systems, or emails, are frequently subjected to cyberattacks. One of the reasons is their lack of sophisticated and intricate encryption technology, making them easy targets.

Businesses with Online Operations

Online systems are at risk to hacking, DDoS attacks, or malware. So tech startups, e-commerce stores, digital marketing agencies, and other companies that use websites, cloud services, or remote work setups are especially vulnerable. And the downtime costs are not meager, ranging from $10,000 to $50,000 every day for SMEs.

Businesses Subject to Contracts or Regulations

Government contractors, IT services providers, and businesses working with large corporations are often required to obtain Cyber Security Insurance as part of the contract. There are also industries that are mandated by law to comply with data privacy and protection regulations.

Businesses in Retail and Hospitality Industries

Restaurants, hotels, and brick-and-mortar stores that use point-of-sale (POS) systems, online booking platforms, or customer data management tools face heightened cyber risks.

Never let cyber threats disrupt your business. Protect your operations and revenue with Tank’s Cyber Security Insurance, an insurance tailored to your needs.

Frequently Asked Questions

Do I need Cyber Insurance if I already have General Liability Insurance?

General liability insurance typically doesn’t cover cyber-related incidents like data breaches, ransomware, or hacking. Cyber insurance is specifically designed to address these digital risks, covering costs like legal fees, data recovery, and customer notifications that general liability policies exclude. To ensure full protection, speak with our team to assess your current coverage and find the right cyber insurance policy for your business.

Can Cyber Insurance help prevent cyberattacks?

While cyber insurance doesn’t prevent cyberattacks, it often includes access to expert resources that can strengthen your defenses. Many policies offer risk assessments, employee training recommendations, and post-incident advice to reduce future risks. Contact us to learn how our policies can support your cybersecurity strategy.

What happens if I don’t report a cyber incident immediately?

Prompt reporting is critical to maximise your cyber insurance benefits. Delaying notification could complicate claims, limit coverage for certain costs (e.g., fines or legal fees), or hinder effective incident response. Most policies require timely reporting to ensure swift action by cybersecurity experts. If you suspect an incident, contact us immediately to start the claims process and minimise damage.

Is Cyber Insurance required by law in Australia?

Cyber insurance isn’t mandatory under Australian law, but certain industries, like healthcare, finance, or government contractors, may face legal or contractual requirements to protect sensitive data. Additionally, businesses subject to the Notifiable Data Breaches scheme must report breaches, and cyber insurance can help cover related costs. Unsure about your obligations? Reach out to our team for guidance tailored to your industry.

How do I choose the right Cyber Insurance policy for my business?

The right policy depends on your business size, industry, and risk exposure. For example, e-commerce businesses may prioritise data breach coverage, while SMEs might focus on affordable ransomware protection. Our brokers assess your needs, compare policies from top insurers, and tailor coverage to fit your budget and risks. Start with a free quote today to find the perfect policy for you.

How much does Cyber Insurance cost?

SME’s can see quotes from as little as $1,000 annually. However, the exact price varies significantly as the costs depend on the size of your business and the risks you are exposed to. Get a personalised quote now to secure affordable coverage for you.

How fast can I get covered?

You can usually get your Cyber Security Insurance within 24 hours.

What is a cyberattack?

A cyberattack is an intentional attempt of hackers or criminals to forcefully access your business’ website, computer system, or network without authorisation. The goal of a cyberattack is to steal sensitive or personal data, demand money or ransom, or disrupt operations.

What is a data breach?

A data breach is a result of cyberattacks such as hacking. Individuals or groups illegally enter your system, and leak or steal sensitive or personal information like financial records or clients’ bank details.

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Disclaimer: The content provided on this page is for general informational purposes only and does not constitute explicit advice, endorsement, or recommendation. While we strive to ensure the accuracy and reliability of the information presented, no guarantees are offered. It is essential for users to seek individual guidance or consultation to address their specific needs and circumstances. We are not responsible for any direct, indirect, incidental, or consequential damages or implications arising from the interpretation or use of the information available on this page.