Cyber Insurance is a relatively new product. It protects against costs after a cyber-related security breach or similar event (such as data breaches, computer hacking, employee error). In banking for example – risks are very real.
Cyber attacks an include social engineering, malware or other invasive software and cyber extortion. Claims covered under a typical Cyber policy are diverse. It is important to understand that risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products.
As a smaller business, you might not have millions to spend like the big corporates and not the same exposure; however, the risks are relative. Whatever your industry, make sure you understand them.
For more information:
p: (03) 9620 2001